Thanks so much for helping me navigate this. I'm a total newbie, and when I tried on my own I was lost. Your guidance...A* - Power to the people that help each other.
Hello Adam, amazing video tutorial. You saved me a hefty £1469 on my incorrectly filled-out tax return for April 2022 (including property income). It is that interest-only loan non-claimable tax relief which made it tricky for me, but minus relief for finance costs of 20% after income tax due after tax reductions is now clear to me. Thank you so much for taking your time and educating us. HMRC came a long way since we had no videos and had to do our returns all over the phone, spending hours with their operatives. Keep on educating us on those little tips, it seems, each year we need to know. Steven
Seriously good advice dispensed in a very simple and easy to understand way, at a pace I could follow and understand. Thank you Adam, you made my SA this year so much easier.
Very clear and focused guidance. You automatically explained points that could have been a little vague by providing precise examples. Much appreciated.
Your presentation was absolutely brilliant Adam! You made it so easy to follow you, explaining the whole process so well and so clearly...Thank you ever so much for that!
Thank you so much for this video you explained everything so well. I've only been doing the online myself for the last 2 years and have found it a steep learning curve. Having you explain exactly where to put what on the online form was brilliant, I haven't found it anywhere else online. I'm really trying to learn this stuff and the HMRC videos/written help never give the full story. I thought I had been doing it wrong for the last 2 years when all the HMRC help regarding property income/expenses told me that if my income was less than £85k then I could lump all the allowable expenses together and put in one box...........AND THEN I SAW YOUR VIDEO and in one sentence all became clear - HMRC had been talking about self employed. So thank you once again and I will be checking out your other videos asap and subscribing to your channel.
Absolutely brilliant. Explained at just the right level. I have made a mistake in the past and had to explain myself to HMRC which wasn't fun so this is helping to give me the confidence to complete my return. Great job
Just struggled through this year's tax return by the deadline. Only income is from property. Your video is very reassuring; think I'm OK. I'm very ill with disabilities, autism, and terminal cancer. I was renovating a flat when it all struck but carried on with the work as 'occupational therapy'. It has taken the entire year and therefore no rental income, yet high repair/maintenace costs and the cost of a remortgage. It could look iffy and I did get some red messages. I adjusted things until they went away. (Got confused about the £1000 allowance but canceled that.) I did write a brief explanation in a white space so am hoping it will be OK. I'm sure all expenses are correct and what I paid out but the whole place had to be redone, and there were some legally required things like ventilation in kitchens. (There is another flat which was let and that provided all income (plus some pensions). So, I'm hoping that will seem fair and reasonable. In practice I have been getting by on a limited income and reducing savings. The renovated flat was let in May 2022. The formerly occupied flat is now vacant but I don't know what I can reasonably plan to do with it in view of my health. (It has a few small damp/condensation spots.) I could not face anybody else getting involved with my work and I don't think I could afford to employ others to not necessarily do a proper, good job. Seems to be a bit of a singular situation and I don't think I could cope with having to deal with HMRC persons so I'm hoping it will thought fair enough. Thanks, Adam Ken
I've submitted my 2021/2022 SA, but realise I haven't included the Residential Property Finance costs. Should I amend the 21/22 submission or include it in the 22/23 submission?
Hi Adam, I could not see here where you entered the date of property acquired or purchased, its purchase price and stamp duty paid etc., before declaring its rental income as you ahve demonstrated very well
Very clear and useful information. I’m looking for information on how to select Method B for rent a room Scheme and how to fill out return when income o Is OVER £ 7500
Thank you for the video, but you skipped over the question of 'other taxable allowances' which has left me confused. A previous accountant told me a 10% deduction from rental income can be made for wear and tear, and a WDA can be made for refurbishment costs to make a property habitable for letting. I was under the impression these allowances were included in this box?
Hi Adam, really clear and well presented, it seems I have been completing my tax return correctly. This saved me from having to deal with HRMC and call waiting. Buy to let is becoming less viable due to increased tax liability on interest only mortgages. You have an excellent delivery and manner, thanks Alex V.
Fantastic just what I was looking for. Couple of questions.. For UK Property expenses where would you enter Mileage cost at 45p per mile on the self assessment form? Also any repairs go under repairs section or services provided section on the self assessment form? For example paying for work getting done in a property like painting or maintenance etc...
Thank you so much, Adam. This explanation is very good guidance for me to try to do this for the first time, surely I will have to re watch again to be understood 100%.
First time doing it, so confusing still. I had to spend about £4000 to renovate the property as it wasn't habitable, so paintwork all over, new toilet as previous had cracked, shower screen (there wasn't one before), garden all overgrown so had to rent a skip, new flooring and carpets throughout. But now it's saying "you cannot claim the initial cost for an item provided for use in the accommodation for the first time", so I can't claim for all the repairs I did? I wouldn't have been able to rent it out if I left a cracked toilet and torn/stained carpets. Also, it is saying the figure is too high for property repairs and maintenance. edit: 24:21 so I can put my interest only mortgage payment on this? if so, do I put the whole year on? or just when it gets rented? so purchased in Oct, wasn't rented until Feb.
Excellent video and thank you for your lovely support and guidance. I have a slight problem, when completing the online form, I cannot see the “loan interests and other financial costs as per your video details of the expenses. I can see the following sections: Details for other property income 1. Total rents and other income from property: (I have entered the amount) 2. Property income allowance - Read help: (optional) 3. Did you use traditional accounting rather than cash basis to calculate your income and expenses? (optional) 4. UK tax taken off total rents and other income from property only applies to non UK Landlords: Please read the notes. (optional)
Thanks for the analysis! A bit off-topic, but I wanted to ask: I have a SafePal wallet with USDT, and I have the seed phrase. (air carpet target dish off jeans toilet sweet piano spoil fruit essay). How can I transfer them to Binance?
Great video thank you. Question, why did you enter 5k in rent, rates, ins, ground rents section and not in property repairs and maintenance section? It mentioned repairs on your excel at £5k?
Hi Adam, thanks for this comprehensive guidance of dealing with the rental side of things. My question is; if I have an interest only Mortgage, do I include the whole about I paid for the mortgage?
Thank you very informative, however i have a few questions. I recently purchase a buy to let leasehold property with 3 bedrooms, I rented it as a shared house to two friends in June this year with all bills included in the rent. Questions can i claimed for utility as an expense since included in the rent? the property is on a interest only mortgage will i be able to claim the interest as an expense? what are all the expense i will be able to claim for on this property? Thank you.
Thanks guide very helpful. Glad you explained traditional accounting as thought that meant simple calculations but will use cash calculation option now. Have lumped all expenses into 1 figure rather than splitting into the 3 categories you mentioned. Touch wood no tax queries to date
thanks for the presentation, if i rented out my property for 1 year then decided to live in the property, how do i work out how much capital gains i have to pay if i then sell the property?
Really good Adam, just what I needed and saved a call to HMRC. Keep the details coming and updates welcome as they occur. Will need to look at CGT when I sell the flat and will see what you have as advice and off-setable costs etc.
Kudos on great detail and delivery. Looking forward on watching how to deal with HRMC quarterly reporting for landlords. Subscribed to your great channel bud
Excellent straightforward explanations. Was "number of rental properties?" always optional (I seem to recall not). Why have it there if not needed... are they trying to catch you out?
How do you claim relief for domestic items ? Do you just add everything up (ie ALL allowable expoenses) then just type in the total figure when you complete the self assessment form. I am including items such as maintenance, management fees, insurance here
Thank you for the video and info. May I ask , I have rental property and also a part time job. Is there a section that I would enter my wages from the part time job ? I do PAYE on the part time job .
Amazing video! Thank you. I've got a question about cleaner invoices - Do I need invoices from my cleaner for every cleaning service they do? I've just been paying them and I was wondering if the bank transactions are fine as proof?
Okay so just to help if someone is reading this comment and wants to know the same: I've posted this question on the HMRC forum and they said that as long as the full name of the cleaner is visible on each bank transaction of the payments, invoices are not necessarily required and that the bank transactions will be sufficient as proof.
Love the way you highlight exactly what section you are talking about - most helpful thank you. There is a question I would like to ask and that is about bank charges and interest on credit cards (for payments for Repairs and Maintenance) Where is this supposed to be claimed. HMRC do not like it put in box 'Non-residential property finance costs' it would seem?
Very interesting. Thank you. Would have liked some information on what can be claimed for like for like replacement. In my case a new bathroom. Not sure which box this expense goes in. Can you advise?
Great Video. Should we put all our replacement items and repairing costs in the 'Rent paid, Rates, insurance, ground rents' section? It's just that the section below says 'Property repairs and maintenance'.
Hi Adam, I’m doing 23/24 early. This year I rented rooms in my house for a short period AND rented out a separate property . On the SA it doesn’t appear that you can list booth incomes separately which means one total which means I wouldn’t pay enough tax as they’d be deducting the £7500 from the whole whereas I only earned £1500 from room rent . HELP!!
Thank you for this. On the HMRC video attached to the return it says that if the property rental income is less than £85k, then you can put all allowable expenses (except financing) in the ''other allowable expenses'' box. This implies one does not need to split various costs between the first three boxes (rates, repairs, & legal), and that it is okay to lump it all under all 'other allowable expenses'. Is this correct? Someone asked the same question a few months ago but I don't think you commented.
Very useful. Can you do a similar presentation but with foreign rental income. Both domiciled and resident in the UK and rental income in a EEA country (and tax paid locally).
Hi Adam thanks a lot for the guidance on the tax return. I have used an accountant in the past but am going to complete my own return this year. In your example you had 3 properties of different types so reported the three individually. I actually have 3 investment properties that are all traditional long term tenancies. Do I stack all 3 incomes and expenses together so you essentially can't tell the income and outgoings of individual properties (only collective income and outgoings) or do I need to report them individually? If so how do I do this? Thanks again, I look forward to your response.
Have 3 traditional BTLs like you. I lump all figures together. The tax form only allows the 3 property types as Adam described. So by default the form expects us to combine said 3 properties income expense
Dear Adam, you have described 3 types of rental income being delcared, please can you tell me if my situation requires me to declare a UK property rental income please? I only own 1 property, a flat, and I was forced to leave that flat by a "mental" upstairs neighbour who persecuted me for 4 years before I gave up and left. I have had to move into rented accommodation and the only way I could afford to do that was to get my flat rented out. It is rented out on a 12 month basis at the moment. As it is the only property I own do I have to declare this rental income? I am paying out more in rent than I am receiving, so this does not seem at all fair!
Thanks Adam for explaining the Tax Return. Is it allowed to change the Investment property to The Holiday rented property? What would be the procedures?
Thank you so much Adam - this is really clearly explained and well presented. I realise I have not submitted the 'residential property finance costs' for the last few years since the change came into place that it wasn't an allowable expense. Can you advise how to rectify that? Can I claim the tax credits that I have missed out on for the years since the change i.e. since 2017?
Can you claim mortgage payments off the rental income received, if so I am a bit confused where to enter it or do you just enter the rental amount you have after mortgage payments. Also how is it best to calculate mortgage interest or is it better to get the figure from mortgage company? Thanks
Great content... Do you have any information on claiming allowances for costs incurred prior to letting for property I Inherited ie.replacing worn out kitchen and bathroom, failed double glazing units, worn carpets.? Also do you have information on if you can withdraw money from the property by taking out mortgage on it but using the funds for personal use and claim the mortgage interest against rental income. Thanks
Very helpful. Thank you. I have a question - if you've only just started renting out part of your home and have made very little income but want to register the losses (expense etc) that you've made so you can carry them forward for next years return, it seems the only way to do this is as a furnished holiday let (as you haven't made enough to qualify to take off losses under rent a room). In this case can you pro-rata the number of days to meet the rules for the furnished holiday let (eg - it's been available for 30 days and rented for 7 as it was only ready to go in February?) so that it qualifies? How can you provide evidence of this? Also - if your income was less than £1000 but you want to show the losses how to do even get the the right part of the form to enable you to enter the losses as declaring an income of less than 1000 doesn't allow you to enter losses (I think?). thanks in advance.
Hi, I have been renting a house out for 5 years and i have never added the insurance in as an expense. Can I add in past years to my 22/23 tax return? (not done it yet)
Hi, Adam, very helpful. I got a question for investment property rental income tax filing, the property is joint property 50% to 50% with spouse, but my spouse agreed to give up his 50% and fully paid to my own bank account, can I declare the 100% rental under my tax filing?
Hi there, yes you can. If you need more help just send us an email at info@tax2u.co.uk and one of our team members will get back to you with more details.
this is so good! I still not sure how to say that the property is being let by me and my husband and whether the figures I need to put are the full amount or half?
Hi Adam, very clear video. How about making a video for non-resident UK landlords, renting out their house in the UK? What should they be aware of? I noticed on the .gov website, there is no section where you declare that you are non-resident.
Also if you're a non-resident UK landlord, presumably some questions do not apply to you. Perhaps you could clarify such points; for example, owning property abroad, would this apply to non-resident landlords?
Hi, thank you for the presentation . On your expenses table you list rent repairs and insurance £5000 but on the self assessment form you add 5000 on rent ,rates insurance tap, but leave property repairs and maintenance empty , if you had repairs will it go there?
Thanks so much for this video. Really clear. Just wondered my residential costs are a lot more than my profit for the year. Do you still put the full figure down for the residential costs or do you reduce it for any reason, say to the profitable figure amount? thanks so much in advance.
Hi there, a great informative video thank you. The property that we rented out was our family home as we moved away for my husband's work. We used a letting agent in the beginning then took over the running ourselves. I am finding the questions really hard to answer as it wasn't essentially an investment property. I have the income but not all the outgoings as my then husband was first contact. i was working through QuickBooks but I am now finding it hard to translate the information over to HMRC self-assessment. Any advice would be greatly appreciated. Many thanks
22:28 I've seen a few other people state you can input up to £6 a week (£312 per year??) in the Other allowable property expenses section for use of home. Is that actually allowed?
Thanks for this it helps a lot may I know how do you have other allowable expenses of £50 if you are claiming the 7500 relief just wondering I thought you can choose only one method ? Other than that superb video thank you
Thank you for your very helpful video. I will share it on my social media if that is OK. I have a doubt, if I rent my only property because I have to live in a work provided accommodation. Does it fall into 'Investment property'?
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Thanks. As a first time landlord, this gave me the reassurance I needed to know I was filling everything in correctly.
I'm a first-time landlady and this was a very good explanation of what I thought was very difficult. Thank you!
Glad it was helpful!
Thanks so much for helping me navigate this. I'm a total newbie, and when I tried on my own I was lost. Your guidance...A* - Power to the people that help each other.
Appreciate the comment. Thanks
Hello Adam, amazing video tutorial. You saved me a hefty £1469 on my incorrectly filled-out tax return for April 2022 (including property income). It is that interest-only loan non-claimable tax relief which made it tricky for me, but minus relief for finance costs of 20% after income tax due after tax reductions is now clear to me. Thank you so much for taking your time and educating us. HMRC came a long way since we had no videos and had to do our returns all over the phone, spending hours with their operatives. Keep on educating us on those little tips, it seems, each year we need to know. Steven
Seriously good advice dispensed in a very simple and easy to understand way, at a pace I could follow and understand. Thank you Adam, you made my SA this year so much easier.
Very clear and focused guidance. You automatically explained points that could have been a little vague by providing precise examples. Much appreciated.
Your presentation was absolutely brilliant Adam! You made it so easy to follow you, explaining the whole process so well and so clearly...Thank you ever so much for that!
Thank you so much for this video you explained everything so well. I've only been doing the online myself for the last 2 years and have found it a steep learning curve. Having you explain exactly where to put what on the online form was brilliant, I haven't found it anywhere else online. I'm really trying to learn this stuff and the HMRC videos/written help never give the full story. I thought I had been doing it wrong for the last 2 years when all the HMRC help regarding property income/expenses told me that if my income was less than £85k then I could lump all the allowable expenses together and put in one box...........AND THEN I SAW YOUR VIDEO and in one sentence all became clear - HMRC had been talking about self employed. So thank you once again and I will be checking out your other videos asap and subscribing to your channel.
Thank you ! Lifesaver helping us to stay afloat in the choppy waters of self assessment!
Absolutely brilliant. Explained at just the right level. I have made a mistake in the past and had to explain myself to HMRC which wasn't fun so this is helping to give me the confidence to complete my return. Great job
Glad it helped!
Thank you so much for producing this video Adam it really helped me with my tax return - much better than the official HMRC videos
Very helpful. Thank you for taking the time to explain. I can now finish my tax return with confidence.
Just struggled through this year's tax return by the deadline. Only income is from property. Your video is very reassuring; think I'm OK.
I'm very ill with disabilities, autism, and terminal cancer. I was renovating a flat when it all struck but carried on with the work as 'occupational therapy'. It has taken the entire year and therefore no rental income, yet high repair/maintenace costs and the cost of a remortgage. It could look iffy and I did get some red messages. I adjusted things until they went away. (Got confused about the £1000 allowance but canceled that.)
I did write a brief explanation in a white space so am hoping it will be OK. I'm sure all expenses are correct and what I paid out but the whole place had to be redone, and there were some legally required things like ventilation in kitchens. (There is another flat which was let and that provided all income (plus some pensions).
So, I'm hoping that will seem fair and reasonable. In practice I have been getting by on a limited income and reducing savings. The renovated flat was let in May 2022. The formerly occupied flat is now vacant but I don't know what I can reasonably plan to do with it in view of my health. (It has a few small damp/condensation spots.)
I could not face anybody else getting involved with my work and I don't think I could afford to employ others to not necessarily do a proper, good job.
Seems to be a bit of a singular situation and I don't think I could cope with having to deal with HMRC persons so I'm hoping it will thought fair enough.
Thanks, Adam
Ken
Just stumbled on this video. Very useful. Well presented . Thanks Adam
I've submitted my 2021/2022 SA, but realise I haven't included the Residential Property Finance costs. Should I amend the 21/22 submission or include it in the 22/23 submission?
Excellent. It explained precisely how I should resolve one issue I had.
Super - straightforward, clear and easy to understand. Just what I was looking for.
Hi Adam, I could not see here where you entered the date of property acquired or purchased, its purchase price and stamp duty paid etc., before declaring its rental income as you ahve demonstrated very well
Great video, really clear and easy to understand. Thanks
Thanks Adam. This is brilliant advice and pitched at the right level.
Very clear and useful information. I’m looking for information on how to select Method B for rent a room
Scheme and how to
fill out return when income o
Is OVER £ 7500
Thank you for the video, but you skipped over the question of 'other taxable allowances' which has left me confused. A previous accountant told me a 10% deduction from rental income can be made for wear and tear, and a WDA can be made for refurbishment costs to make a property habitable for letting. I was under the impression these allowances were included in this box?
Excellent video, very clear and it look like i have been paying too much property tax since the change on deducting finance cost!!
Hi Adam, really clear and well presented, it seems I have been completing my tax return correctly. This saved me from having to deal with HRMC and call waiting. Buy to let is becoming less viable due to increased tax liability on interest only mortgages. You have an excellent delivery and manner, thanks Alex V.
thanks for making the complicated rental income Tax return so simple and allowing so save 130 GBP if would have gone to Tax consultant
Glad it was helpful!
Fantastic just what I was looking for. Couple of questions.. For UK Property expenses where would you enter Mileage cost at 45p per mile on the self assessment form? Also any repairs go under repairs section or services provided section on the self assessment form? For example paying for work getting done in a property like painting or maintenance etc...
Brilliant. Thanks for all your clear advice and no tax gobbledygook!
Thank you so much, Adam. This explanation is very good guidance for me to try to do this for the first time, surely I will have to re watch again to be understood 100%.
First time doing it, so confusing still. I had to spend about £4000 to renovate the property as it wasn't habitable, so paintwork all over, new toilet as previous had cracked, shower screen (there wasn't one before), garden all overgrown so had to rent a skip, new flooring and carpets throughout. But now it's saying "you cannot claim the initial cost for an item provided for use in the accommodation for the first time", so I can't claim for all the repairs I did? I wouldn't have been able to rent it out if I left a cracked toilet and torn/stained carpets.
Also, it is saying the figure is too high for property repairs and maintenance.
edit: 24:21 so I can put my interest only mortgage payment on this? if so, do I put the whole year on? or just when it gets rented? so purchased in Oct, wasn't rented until Feb.
With Rental expense it may be complex, ff you need more help please email us at info@tax2u.co.uk
This was really useful and very clear to fill my tax return. really a very very useful and good video.
Excellent video and thank you for your lovely support and guidance.
I have a slight problem, when completing the online form, I cannot see the “loan interests and other financial costs as per your video details of the expenses.
I can see the following sections:
Details for other property income
1. Total rents and other income from property: (I have entered the amount)
2. Property income allowance - Read help: (optional)
3. Did you use traditional accounting rather than cash basis to calculate your income and expenses? (optional)
4. UK tax taken off total rents and other income from property only applies to non UK Landlords: Please read the notes. (optional)
I dont normally comment, but this is an excellent video and really helpful thank you for posting!
Great thank you
Question
I receive a pension from my late partner what section do I put the figures in please
Thanks for the analysis! A bit off-topic, but I wanted to ask: I have a SafePal wallet with USDT, and I have the seed phrase. (air carpet target dish off jeans toilet sweet piano spoil fruit essay). How can I transfer them to Binance?
Great video thank you. Question, why did you enter 5k in rent, rates, ins, ground rents section and not in property repairs and maintenance section? It mentioned repairs on your excel at £5k?
Brilliant, especially on the loan interest on my mortgage and how it works
Adam, thank you! This is very helpful and just saved me a lot of time and money!
Thank you Adam. I used your guidance and submitted my own. Really appreciate!!🎉
Top man, very helpful and useful - thanks very much for this. Can't wait to watch your other clips.
This is very helpful Adam. Liked and commented to support!
Very useful Adam, thankyou, as this is the first time I am submitting a self assessment tax return for investment properties
Glad it was helpful!
Very useful video and well presented very clear without jargon, thank you
You are welcome
Hi Adam, thanks for this comprehensive guidance of dealing with the rental side of things. My question is; if I have an interest only Mortgage, do I include the whole about I paid for the mortgage?
Can you make a video about how to fill a self assessment for partners from renting partnerships?
Thank you very informative, however i have a few questions. I recently purchase a buy to let leasehold property with 3 bedrooms, I rented it as a shared house to two friends in June this year with all bills included in the rent. Questions can i claimed for utility as an expense since included in the rent? the property is on a interest only mortgage will i be able to claim the interest as an expense? what are all the expense i will be able to claim for on this property? Thank you.
Thanks guide very helpful. Glad you explained traditional accounting as thought that meant simple calculations but will use cash calculation option now. Have lumped all expenses into 1 figure rather than splitting into the 3 categories you mentioned. Touch wood no tax queries to date
Hey I’m thinking of doing this, does the total have to be under £85k to lump it all together?
thanks for the presentation, if i rented out my property for 1 year then decided to live in the property, how do i work out how much capital gains i have to pay if i then sell the property?
Really good Adam, just what I needed and saved a call to HMRC. Keep the details coming and updates welcome as they occur. Will need to look at CGT when I sell the flat and will see what you have as advice and off-setable costs etc.
Will do!
Kudos on great detail and delivery.
Looking forward on watching how to deal with HRMC quarterly reporting for landlords.
Subscribed to your great channel bud
very clearly explained. thanks. capital gains ? I sold then bought another with the money. do I pay capital gains ?advice here would be great. thanks
Great video thank you. Do you include that excel sheet as an attachment in your return?
You have the option to attache it , but you do not need to as long as you enter the figures
Excellent straightforward explanations.
Was "number of rental properties?" always optional (I seem to recall not). Why have it there if not needed... are they trying to catch you out?
How do you claim relief for domestic items ?
Do you just add everything up (ie ALL allowable expoenses) then just type in the total figure when you complete the self assessment form. I am including items such as maintenance, management fees, insurance here
Thank you for the video and info.
May I ask , I have rental property and also a part time job. Is there a section that I would enter my wages from the part time job ? I do PAYE on the part time job .
Great vid, really useful. I understand I can include a remo ERC redemtion cost for tax. where woyld this go please?
Thank you Adam you were very clear and helpful
Amazing video! Thank you.
I've got a question about cleaner invoices - Do I need invoices from my cleaner for every cleaning service they do? I've just been paying them and I was wondering if the bank transactions are fine as proof?
Okay so just to help if someone is reading this comment and wants to know the same: I've posted this question on the HMRC forum and they said that as long as the full name of the cleaner is visible on each bank transaction of the payments, invoices are not necessarily required and that the bank transactions will be sufficient as proof.
Love the way you highlight exactly what section you are talking about - most helpful thank you. There is a question I would like to ask and that is about bank charges and interest on credit cards (for payments for Repairs and Maintenance) Where is this supposed to be claimed. HMRC do not like it put in box 'Non-residential property finance costs' it would seem?
Great video thanks, question - where do I input agency fee's? i.e letting agent costs for an investment property.
Thanks it is very useful as doing first self assessment. Do you have any video for BTL ltd company return too?
Sorry I do not have a video for buy-to-let for a limited company. We mainly focus on Individual Self Assessments.
Very interesting. Thank you. Would have liked some information on what can be claimed for like for like replacement. In my case a new bathroom. Not sure which box this expense goes in. Can you advise?
Great Video. Should we put all our replacement items and repairing costs in the 'Rent paid, Rates, insurance, ground rents' section? It's just that the section below says 'Property repairs and maintenance'.
May I ask boiler replacement goes which section please? Does it goes under repairs section ? Thank you
Repairs will be a good section. Just sends us an email to info@tax2u.co.uk and we can provide a competitive price and help you if you need more help.
I love your tutorials, they are so clear and easy to follow! Please could you upload a tutorial on how to fill out a tax return for a UK Partnership?
Excellent video! Until I actually see the forms next year, I am now more clear about what it looks like and what to expect! Thank you.
You're very welcome!
Hi Adam, I’m doing 23/24 early. This year I rented rooms in my house for a short period AND rented out a separate property . On the SA it doesn’t appear that you can list booth incomes separately which means one total which means I wouldn’t pay enough tax as they’d be deducting the £7500 from the whole whereas I only earned £1500 from room rent . HELP!!
Thank you for this. On the HMRC video attached to the return it says that if the property rental income is less than £85k, then you can put all allowable expenses (except financing) in the ''other allowable expenses'' box. This implies one does not need to split various costs between the first three boxes (rates, repairs, & legal), and that it is okay to lump it all under all 'other allowable expenses'. Is this correct? Someone asked the same question a few months ago but I don't think you commented.
Very useful. Can you do a similar presentation but with foreign rental income. Both domiciled and resident in the UK and rental income in a EEA country (and tax paid locally).
Very informative video thanks.
Hi Adam, thank you very much, that was a great help. Great video by the way!
Hi Adam thanks a lot for the guidance on the tax return. I have used an accountant in the past but am going to complete my own return this year. In your example you had 3 properties of different types so reported the three individually. I actually have 3 investment properties that are all traditional long term tenancies. Do I stack all 3 incomes and expenses together so you essentially can't tell the income and outgoings of individual properties (only collective income and outgoings) or do I need to report them individually? If so how do I do this?
Thanks again, I look forward to your response.
Have 3 traditional BTLs like you. I lump all figures together. The tax form only allows the 3 property types as Adam described. So by default the form expects us to combine said 3 properties income expense
That was so helpful, thank you Adam.
This is a brilliant video, thank you so much for explaining everything so clearly.
Excellent video, clear and concise, exactly what you need!
Great to hear!
Great video - but could you clarify how much mortgage interest can be offset for 2021 - 2022?
Dear Adam, you have described 3 types of rental income being delcared, please can you tell me if my situation requires me to declare a UK property rental income please? I only own 1 property, a flat, and I was forced to leave that flat by a "mental" upstairs neighbour who persecuted me for 4 years before I gave up and left. I have had to move into rented accommodation and the only way I could afford to do that was to get my flat rented out. It is rented out on a 12 month basis at the moment. As it is the only property I own do I have to declare this rental income? I am paying out more in rent than I am receiving, so this does not seem at all fair!
Thanks Adam for explaining the Tax Return. Is it allowed to change the Investment property to The Holiday rented property? What would be the procedures?
Thank you so much Adam - this is really clearly explained and well presented. I realise I have not submitted the 'residential property finance costs' for the last few years since the change came into place that it wasn't an allowable expense. Can you advise how to rectify that? Can I claim the tax credits that I have missed out on for the years since the change i.e. since 2017?
If you carry out work at your rental such as repairs and maintanance, can you charge for your time and any materials used ?
Can you claim mortgage payments off the rental income received, if so I am a bit confused where to enter it or do you just enter the rental amount you have after mortgage payments. Also how is it best to calculate mortgage interest or is it better to get the figure from mortgage company? Thanks
Great content... Do you have any information on claiming allowances for costs incurred prior to letting for property I Inherited ie.replacing worn out kitchen and bathroom, failed double glazing units, worn carpets.? Also do you have information on if you can withdraw money from the property by taking out mortgage on it but using the funds for personal use and claim the mortgage interest against rental income. Thanks
Very useful and well explained. Thanks!
That was so useful. Really easy to follow. Do you have anything specific I should know/watch as a non-resident landlord?
Very helpful. Thank you. I have a question - if you've only just started renting out part of your home and have made very little income but want to register the losses (expense etc) that you've made so you can carry them forward for next years return, it seems the only way to do this is as a furnished holiday let (as you haven't made enough to qualify to take off losses under rent a room). In this case can you pro-rata the number of days to meet the rules for the furnished holiday let (eg - it's been available for 30 days and rented for 7 as it was only ready to go in February?) so that it qualifies? How can you provide evidence of this? Also - if your income was less than £1000 but you want to show the losses how to do even get the the right part of the form to enable you to enter the losses as declaring an income of less than 1000 doesn't allow you to enter losses (I think?). thanks in advance.
thankyou was great explanation, however does it gives amount to pay as joint mortgage or choice to pay 50% only tax return.
Hi, I have been renting a house out for 5 years and i have never added the insurance in as an expense. Can I add in past years to my 22/23 tax return? (not done it yet)
Hi, Adam, very helpful. I got a question for investment property rental income tax filing, the property is joint property 50% to 50% with spouse, but my spouse agreed to give up his 50% and fully paid to my own bank account, can I declare the 100% rental under my tax filing?
Hi there, yes you can. If you need more help just send us an email at info@tax2u.co.uk and one of our team members will get back to you with more details.
this is so good! I still not sure how to say that the property is being let by me and my husband and whether the figures I need to put are the full amount or half?
half, that's what me and my wife do. just half everything.
Hi Adam, very clear video. How about making a video for non-resident UK landlords, renting out their house in the UK? What should they be aware of? I noticed on the .gov website, there is no section where you declare that you are non-resident.
Also if you're a non-resident UK landlord, presumably some questions do not apply to you. Perhaps you could clarify such points; for example, owning property abroad, would this apply to non-resident landlords?
Hi, thank you for the presentation . On your expenses table you list rent repairs and insurance £5000 but on the self assessment form you add 5000 on rent ,rates insurance tap, but leave property repairs and maintenance empty , if you had repairs will it go there?
Thanks so much for this video. Really clear. Just wondered my residential costs are a lot more than my profit for the year. Do you still put the full figure down for the residential costs or do you reduce it for any reason, say to the profitable figure amount? thanks so much in advance.
Hi there, a great informative video thank you. The property that we rented out was our family home as we moved away for my husband's work. We used a letting agent in the beginning then took over the running ourselves. I am finding the questions really hard to answer as it wasn't essentially an investment property. I have the income but not all the outgoings as my then husband was first contact. i was working through QuickBooks but I am now finding it hard to translate the information over to HMRC self-assessment. Any advice would be greatly appreciated.
Many thanks
Really helpful and reassuring, thank you
Absolutely brilliant and very informative.
Excellent and very clear. Thanks :)
I put the interest in the box mentioned but it gave me a warning that I cannot do this . How to I claim tax back on interest.
22:28 I've seen a few other people state you can input up to £6 a week (£312 per year??) in the Other allowable property expenses section for use of home. Is that actually allowed?
Thank you for this , very helpful information
Super clear and accessible.thank you so much 😊
Thanks for this it helps a lot may I know how do you have other allowable expenses of £50 if you are claiming the 7500 relief just wondering I thought you can choose only one method ? Other than that superb video thank you
Thank you for your very helpful video. I will share it on my social media if that is OK. I have a doubt, if I rent my only property because I have to live in a work provided accommodation. Does it fall into 'Investment property'?