[Closed] Tax return WTF??

If you've made a loss, you don't owe tax.

Just because you've spent more than you've earned, you've not necessarily made a loss, though. But if income minus (allowable) expenses is a negative figure, there's no income tax to pay.

IANAA

I can only imagine that you have considered the capital repayments on the mortgage on the property to be an allowable expense. It isn't. Only the interest you repay on your mortgage is considered an expense for landlords.

Did you do the 10% wear & tear allowance (if it applies/still exists)?

What is an accidental landlord?
When I rented out my unoccupied house it certainly wasn't an accident.

The rules are simple, you rent your house out therefore you are generating an income. You can claim for repairs, insurances, mortgage interest, management fees etc.
It's not that difficult to understand as Adam Hart Davis said...."Tax doesn't have to be taxing"

PS He later regretted that particularly with reference to VAT but income tax is quite straight forward

Oh god, that reminds me. I've got to do my tax return. Mine's for intentional work though.

Just because you have to complete a tax return doesn't mean you'll owe money, you might be due a refund.

What is an accidental landlord?

I didn't expect to be one!! Its our family home I am in rented accommodation on the other side of the country.

What is an accidental landlord?

I didn't expect to be one!! Its our family home, due to moving for work we are in rented accommodation on the other side of the country (expected to move back).

My outgoings far exceeded my incomings (grrr)

Which constituency do you represent?
😉

My outgoings far exceeded my incomings

If your outgoings are allowable then you don't owe any tax.

I guess they aren't.

Are you doing it online?

Can you give some more details of what outgoings you have had on the property vs income? There are loads of expenses you can offset against tax - mortgage interest, insurance, letting agents, wear and tear on furnishings etc.

Need to do the last bit myself tonight - frightful, confusing things. How they expect most people to follow and complete without trauma and mistake amazes me.

Are you doing it online?

Well as the paper deadline was back in October, he'd better be.

The online form is actually pretty good and as long as you are halfway organised then it shouldn't be a trauma at all although quite why people insist on waiting until the end of January to even start it is beyond me.

The web site is a 'mare but if you phone them, they're very very helpful.

It could be as simple as you've put a figure in a wrong box or used the "cash" method of accounting rather than accruals. I know a few people who've fallen foul of that.

although quite why people insist on waiting until the end of January to even start it is beyond me.

Because it's a chore and there are better things to do?

I have always felt people in your situation deserve some special tax exemption.

I have a couple of friends who have been made redundant and have been unable to get a job locally. Instead of becoming a burden on the state they have got on their bikes and found new jobs in another part of the country. Unable to sell their houses they rented them out and used the income to rent a different house to live in where they were working. Only there's a chuffing big shortfall between the rental income and rental outgoing because the government feel it right and proper to tax the rental income. These are not buy to let investors with a portfolio of properties, just a family trying to do the right thing. There should be some sort of exemption where if you only own one home but rent it out instead of living in it you can offset the income against the rent you are paying for the home you are living in.

Did ours in the summer as soon as the p60's turned up.

Got the refunds by early September 🙂

Because it's a chore and there are better things to do?

Personally I'd rather have the money they owe me sooner rather than later if that's the case or if I owe them at least know about it sooner so that I can budget for it, but to each their own.

Lol er none. I'm in the RAF. I wish I hadn't had to move, but it had to.happen 🙁

It is only for 3 months worth of rent (end of Jan to end of mar).
Expenses ive claimed:
I went through an agent and had their fees + inventory.
Decoration
Repairs to the boiler for them
Insurance
Gas and elec safety
Mortgage interest
A trip to the property
A bust shower replacement

We are unfurnished so there is no wear and tear allowance.

iAgggggghhhhhh!!!! I am an arse!!! It's my boo boo as I put the wrong amount in my employment tax paid. I'd put a lower amount by accident (yes I am a knob!!!) It's my 1st time at this. TBH, I had forgot all about it and realised in Jan "doh, I've not registered" that's why it's late, as I am a worker not a business man 😉

I owe £1.92 it is being deferred until next year*..

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Must try harder next yr to owe less.