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Calculating tax on rental income HELP PLEASE!!!

2 replies

supadupapupascupa · 10/08/2011 12:05

Can anyone please link me to the bit on the HRMC website that i need to be in that has the info for calculating tax payable on a rental property?

Is it self assessment? business? arghhhhh i'm going potty not knowing which bit it is!

I just want to know what I will need to fill in, and how to complete it. Please.

TIA.

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scaryteacher · 10/08/2011 15:00

Work out your gross rent. Take off mortgage interest paid, insurance, any maintenance done, agents fees and there you have your net profit/loss for the year. Apply figure to tax return.

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supadupapupascupa · 10/08/2011 15:42

i found it!

i had it all on spreadsheet but couldn't figure out what forms to fill in. i have never done self assessment before.

i don't think there is any tax to pay as it's all below my tax allowance, still got to fill it in though.....

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