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Sep, 2014

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Thread: Renting out

  1. #11
    Join Date
    Dec 2010
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    136

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    Quote Originally Posted by Claymore View Post
    It is actually after allowable expenses. There is another link which I can't find, which is from the gov.uk website but in the meantime, you can have a look at this link:

    http://www.taxfix.co.uk/forum/articl...d-revenue.html

    Whilst being on the phone for an hour today with HMRC re a coding issue, I spoke to a manager about the self assessment limit.

    He confirmed that it is net income, so Claymore is correct. You just need to write to HMRC in Liverpool with a P&L.

  2. #12
    Join Date
    Jan 2011
    Posts
    1,451

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    Quote Originally Posted by badbobby View Post
    Whilst being on the phone for an hour today with HMRC re a coding issue, I spoke to a manager about the self assessment limit.

    He confirmed that it is net income, so Claymore is correct. You just need to write to HMRC in Liverpool with a P&L.
    I wonder how many landlords are doing unnecessary self assessments - or worse still, paying someone to do it for them!

  3. #13
    Join Date
    Dec 2010
    Posts
    136

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    Quote Originally Posted by Claymore View Post
    I wonder how many landlords are doing unnecessary self assessments - or worse still, paying someone to do it for them!
    I was one!

    I'm an accountant and cannot stand the tax system, so I have no idea how non trained folk cope...

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