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Tony Tax
Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 14049
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I have in the last 3 years started a few small business ventures

Resolved Question:

I have in the last 3 years started a few small business ventures as I have finished working as a teacher as I have M.E. which has made it difficult for me to do any sort of paperwork. I filled in my first self assessment form and made a mistake on it, which meant I was given money back, which I assumed was from my teaching. I had to pay a penalty, interest, and pay the money back.
I have filled in details of my rental income, from a property in South Wales. I also have a caravan, which I have not filled in details of, as I don't make any money on it, but think I should start putting that on the form. Also I haven't put my savings on the form.
Can I start putting them down now if I haven't done so before?
I am actually very confused by all of these tax issues but am not making very much money, and am renting a flat in London which is more than any of the money I get back, but I understand I can't put that on the tax form.
Submitted: 1 year ago.
Category: UK Tax
Expert:  Tony Tax replied 1 year ago.
Hi.

You should disclose all income from taxable sources in your tax return. You need to claim any excess of expenses over rental income for any property as this can be used against the surplus of rental income over expenses from other let property. You cannot claim the rent you pay on the London flat against your rental income.

As for bank interest, if you are a basic rate taxpayer and your bank interest has suffered 20% tax deduction at source, you will have no further tax to pay on this but you should disclose it in your tax returns in any event. If I were you, I'd let sleeping dogs lie as far as earlier years omissions are concerned unless you think there may be tax due. If the tax office ask about earlier years, then you will have to tell them about the missed disclosures.

I hope this helps but let me know if you have any further questions.
Customer: replied 1 year ago.

Hi. I don't understand what you mean by excess of expenses over rental Income or the surplus of rental income over expenses from other let property. Can you explain what this means and what I can claim against the tax

 

Expert:  Tony Tax replied 1 year ago.

If you have an excess of deductible expenses over the rental income you have received you have a loss, not a profit. If you have several let properties, you can net off the losses against the profits in any one tax year. If you have a net profit, you will pay tax on it. If you have a net loss in a tax year, you can carry it forward to offset against the next net rental profit you make in a later tax year.

Take a look here for some useful information on letting property and tax.

Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 14049
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
Tony Tax and other UK Tax Specialists are ready to help you

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