UK Property Income Tax Return Tips

International Tax Advice for US & UK Expats

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Basics of Rental Income Taxation: We begin by outlining what constitutes rental income and the basic tax responsibilities of a landlord in the UK.
Preparing for Self-Assessment: Get insights into the preparation required before you embark on the self-assessment process, including record-keeping and essential documentation.
Step-by-Step Guide to Filing: A thorough walkthrough of the self-assessment tax return process, tailored for landlords. We'll cover each section relevant to property rental income, making sure you understand how to fill in your details accurately.
Deductible Expenses Explained: Learn about various expenses that can be deducted from your rental income to potentially lower your tax bill, including maintenance costs, professional fees, and allowable wear and tear.
Avoiding Common Errors: We'll highlight frequent mistakes landlords make during self-assessment and how to steer clear of them.
Deadlines and Penalties: Stay informed about important deadlines and the consequences of late filing or inaccurate returns.
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Опубликовано:

13 дек 2020

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Комментарии : 58

@Simon-Misiewicz-US-UK-Taxes Год назад

Request a call back: If you are looking for a new US or UK real estate property tax specialists contact us here: survey.zohopublic.com/zs/80zrXp

@durhamsteven6930 3 года назад

A tremendous video Simon - I’ve been doing buy to let for 10 years and learnt a few new things. Certainly hadn’t realised food/lunch was an allowable expense on a day of viewings.

@Simon-Misiewicz-US-UK-Taxes 3 года назад

Every little helps as one supermarket would say

@priiyoo 2 года назад

Hi, thank you for a great video. Does anyone understand residential finance costs box. If you cannot claim mortgage interest as a tax relief why does the tax guidelines on HMRC advise you to put it? Or does it come off as your overall personal tax liability? Thanks

@Simon-Misiewicz-US-UK-Taxes 2 года назад

You get a 20% tax relief in the mortgage interest costs. Where you put it depends on the software used

@priiyoo 2 года назад

@@Simon-Misiewicz-US-UK-Taxes thank you for your reply.

@Simon-Misiewicz-US-UK-Taxes 2 года назад

You are very welcome and good luck

@DaTestKa 3 года назад

Very informative and good points to refresh my knowledge.. One question. How you deal with interest paid on a property with 3 shops on bottom and 3 flats above.. Apportion/split the interest? One title deed.. thanks

@Simon-Misiewicz-US-UK-Taxes 3 года назад

That is a very good question. One way is to split of the mortgage interest based on the rental income obtained. The second option is to divide the interest by the floorspace

@gonecruising8845 2 года назад

Great video, thanks for the information. I find it a bit of a minefield with what HMRC class as “improvements” and what’s “capital expenditure” - HMRC seem to suggest that you can’t claim improvements as an expense. Your video suggests that, for example, when buying a property and doing a 15k refurb, that I could claim 15k as an expense and therefore benefit from the tax relief?

@Simon-Misiewicz-US-UK-Taxes 2 года назад

The cost is outlined in the video or not capital. The reason for this is because it comes under H Marcy is heading of RRR. Replacement, renewal, repair. The three items are allowed for tax purposes. They will act as a costa reduce your net profit and tax.

@aliraz9342 3 года назад

Great video. Slightly confused tho. As a basic rate tax payer, paying tax on the rental income for a residential buy to let, the monthly interest payments or interest in the monthly repayments is a taxable allowance right? You can set it against your rental income?

@Simon-Misiewicz-US-UK-Taxes 3 года назад

Apologies for the confusion. You get a 20% tax reducer against the mortgage interest costs. You don’t have mortgage interest as a cost to reduce the taxable profits. It is complex and worth speaking with your accountant

@aliraz9342 3 года назад

@@Simon-Misiewicz-US-UK-Taxes Thank you for such a quick reply

@Simon-Misiewicz-US-UK-Taxes 3 года назад

You are very welcome indeed. I am pleased I could help

@alanroberts6456 Год назад

Hello I have been told that if I remortgage the FHL which I boutgh for cash, I will then be able to claim tax relief on the interest payments - seems too good to be true ??

@Simon-Misiewicz-US-UK-Taxes Год назад

That is correct

@fordfocus01100 2 года назад

Hi regarding refreshment when you are making property enquires.... You said you can claim a certain amount? Could you elaborate a bit more on this. What is the amount? Thanks.

@Simon-Misiewicz-US-UK-Taxes 2 года назад

Would you mind elaborating on your question please just to help me out? If you can make it more relevant to your scenario and I can help you specifically

@fordfocus01100 2 года назад

@@Simon-Misiewicz-US-UK-Taxes Ho Simon, if a spend the morning viewing a property can I claim a basis meal back as expenses? Thanks.

@Simon-Misiewicz-US-UK-Taxes 2 года назад

I would think it would be difficult to prove to Hmrc that this would be for business purposes

@TourWithJawad 3 года назад

Hi Simon .. in your opinion what is the best accounting package good for Amazon Sellers?

@Simon-Misiewicz-US-UK-Taxes 3 года назад

This is a great question but unfortunately I know very little about Amazon. You are better to find an Amazon network group and ask them to get a much better answer

@cazejgm786 Год назад

Could I call someone to get on board with the £9.95 a month. As I will go into debt due to my tax being too high.

@Simon-Misiewicz-US-UK-Taxes Год назад

Please see here www.optimiseaccountants.co.uk/become-a-client/

@Simon-Misiewicz-US-UK-Taxes 2 года назад

Tell us more about your situation here in the comments box below. Feel free to read our article www.optimiseaccountants.co.uk/knwbase/how-much-property-tax-does-a-landlord-pay/. Why not join us at one of our live events? Register here: www.optimiseaccountants.co.uk/monthly-seminars/.

@jubileepropertyinvestmentl9959 3 года назад

Great video very informative...it’s raised a good question that I have with my accountant in regards refurbishment costs. We brought a property through a limited company and refurbished it immediately which we thought would be a revenue cost for all elements we renewed / replaced. The accountant is however saying the £18k spent is capital as we did not get a rental income first before doing the refurbishment costs, is this correct as it goes against what you stated in this video? Thanks, and into your next video! 👍🏻

@Simon-Misiewicz-US-UK-Taxes 3 года назад

A common mistake made by general Accountants I am afraid.

@jubileepropertyinvestmentl9959 3 года назад

@@Simon-Misiewicz-US-UK-Taxes very frustrating, even when challenged she was still persistent she was correct and filed the accounts! I presume then I have 12 months to correct the error?

@Simon-Misiewicz-US-UK-Taxes 3 года назад

Yes indeed you have time to correct

@Simon-Misiewicz-US-UK-Taxes 3 года назад

You have plenty of tile to make the correction

@louiseknight4576 3 года назад

Superb video....I'm still confused on Residential costs not included in box 26.

@Simon-Misiewicz-US-UK-Taxes 3 года назад

Please do book a call with a property tax advisor and they will try and help you. You could always try HMRC but good luck getting through to them

@bexxxxx100 2 года назад

As a limited property management company, can you claim relief on the property utilities?

@Simon-Misiewicz-US-UK-Taxes 2 года назад

This pretty much depends on these activities of the properties. What do you mean by Property Management? Do you own the properties in the company or do you manage other peoples properties or are you doing a rent to rent? Please note that GAAR prevents people from using a limited company to charge the management fee on their own properties, which road in their own names

@narayanpun2880 2 года назад

Great tips Simon thank you. One question- Do I need to keep the receipts of fuel for mileage cost to reduce tax just incase HMRC wants evidence? Or just recording every trip in mileage IQ is fine?

@Simon-Misiewicz-US-UK-Taxes 2 года назад

A log book of mileage done would be great

@narayanpun2880 2 года назад

@@Simon-Misiewicz-US-UK-Taxes so no need to keep receipts for every journey is it?

@Simon-Misiewicz-US-UK-Taxes 2 года назад

Correct

@Simon-Misiewicz-US-UK-Taxes 2 года назад

I think I might have replied to this previously to you, but, just in case you do not need to keep receipts for the fuel. All you need to do is keep a log book of the journeys you have made and the reasons for those journeys

@narayanpun2880 2 года назад

@@Simon-Misiewicz-US-UK-Taxes Thank you Simon it really helps me a lot. As you said in the video we can claim £6 per week for use of home what sorts of proof do I need for this? Logbook or receipt?

@clairestrad Год назад

Hello Simon - thanks so much for this video - fantastic stuff - it's been super helpful! I've recently bought a property to let - the previous owner left a load of stuff in it including broken white goods and furniture that I had to throw away and replace ready for the new tenants - just like you said in this video! I'd like to reclaim the cost of replacing all these items on my tax return however the previous owner of the property did not give me a chattels list on completion - does this make a difference? I also read somewhere that you can't claim for items under the three Rs (I'm an Optimise video junkie ;)) if you've replaced them before the property business started (i.e. before the tenants moved in). Any comments much appreciated :).

@Simon-Misiewicz-US-UK-Taxes Год назад

If you have photos of the items that have been left in the property and they still can be claimed. It would be better of course if it was itemised on the chattels list but photos will be enough given that you bought the property sold as seen

@clairestrad Год назад

@@Simon-Misiewicz-US-UK-Taxes Amazing! Thanks so much for your help and super quick reply - very much appreciated.

@Simon-Misiewicz-US-UK-Taxes Год назад

You are welcome 🙏

@Kitty-lj7eg 3 года назад

Very helpful tips, thanks Simon! Can I deduce the agent fee from the total rental income when doing the self-assessment please? Thanks.

@Simon-Misiewicz-US-UK-Taxes 3 года назад

Yes indeed you can 👍

@12stay_uk 3 года назад

Simon, I like your videos but it would be very helpful if you can indicate in your title if the episode applies to incorporated or personal landlords. Thanks and keep up the good work!

@Simon-Misiewicz-US-UK-Taxes 3 года назад

Good points and one that I will remember for the future

@antonioklashinkov 3 года назад

Gold nuggets on capital allowance !!!!

@Simon-Misiewicz-US-UK-Taxes 3 года назад

I hope it helps

@InTheMusicBox 2 года назад

I wonder do you have a tax that people have to pay year after year simply for owning property in the UK? You just have a house and live in it, or you keep it empty. Do you have to pay every single year taxes for simply having a house?

@Simon-Misiewicz-US-UK-Taxes 2 года назад

You only need to pay income tax if you have income from the property in question. If the property is empty then there is no need to pay income tax at all

@InTheMusicBox 2 года назад

@@Simon-Misiewicz-US-UK-Taxes thank you for the prompt reply. I realise the question might come as a surprise. In Greece we sadly pay these taxes, last year we had to pay 700euros for a couple of houses that are not rented in property tax. It's gone mad here....

@Simon-Misiewicz-US-UK-Taxes 2 года назад

You still pay council tax if the property is empty but that is a different tax to income tax