Tax return for let house

Discussion in 'Finance, Property, Law' started by ipaq, Jan 2, 2010.

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  1. Hi,
    after some advice please. I've just had my tax return through the post today and in the process of filling out.

    As I understand it I have to declare the capital repayment portion of my mortgage but not the interest?

    I currently rent out my property through a letting agent, who take a monthly cut of the rent. However earlier this year I had a number of issues with the house and the tenants which required me to travel to the property (450 mile round trip), letting agent did not really sort the issues. Can I claim the fuel costs back as part of the tax return?

    Any other tips for claiming money back to reduce the overall tax bill?

    As always cheers for helpful advice in past
  2. Hire an accountant and discuss specifics with him/her.
  3. Her indoors, (accountant) says easiest thing to do is claim 40 pence per mile travel expenses, the revenue will more than likely allow that.
    You can of course claim the letting agents fee's and the mortgage interest as expenses too. Along with any ther expenses incurred.
  4. I've been letting property for years.

    Not sure why you are repaying capital; AIUI most people just pay the interest and will rely on sale proceeds to repay mortgage.

    You can certainly deduct expenses such as interets, professional fees etc from rental income, and as OA says, I see no problem with claiming 40p per mile as its a busines expense. I'm filling in my return Online as I write, it tells you exactly what you can claim. I highly recommend the online approach; two incomes, plus a property can be done in an afternoon if you have all the docs / receipts etc.

  5. Just a couple of things come to mind- if you are a joint owner rather than sole owner income you can split income

    The 40p a mile should be fine, but if you are already claiming mileage elsewhere, you will overall only get your first 10000miles in ne tax year (if that still in date for this year), so iof you had claimed the 10000 at 40p, you would only be allowed the 25p on this (again though, joint owners?)

    You can prob claim some subsistence for the travel days as well

    If the various problems you had involved repairs, or replacements of furniture of fittings, that needs advice.

    Well worth a bit of local accountant's advice, explain your general poaition, sounding like employed with a house rented, fairly simple, and ask for a quote for their work.
  6. Cars tend not to be jointly owned.
  7. Cheers for the info guys got it sorted.