Tax...boring sorry!

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shamac
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Joined: Thu Jun 04, 2009 12:48 pm
Location: northumberland
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Tax...boring sorry!

Post by shamac »

First time doing self-assessment for our holiday let. List of allowable expenses needed. Am i right with the following:

Mortgage interest

insurance

-% amount that letting company pockets from each rental?

-Fees paid to holiday-rentals.co.uk?

-cleaning costs-that is me-40 mile journey each way-plus 3 hours cleaning-thought 35 pound + petrol per changeover?

-Laundry-sometimes have done professionally which costs me 13 pound (sorry my pound sign doesn't work!) can I claim the same if I do it myself?

-is it full costs of light, heating, water or a percentage?

-can I claim council tax?

-Can I claim the internet and phone line?

Anything else or am I wrong with anything?

Also set up costs-didn't buy furniture but towels, sheets, bedding, kitchen stuff? Is that deductible?


Many thanks everyone

Sharon
The harder you work, the luckier you get.
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greenbarn
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Joined: Sat May 30, 2009 6:41 pm
Location: The Westmorland Dales, Cumbria

Re: Tax...boring sorry!

Post by greenbarn »

Hi Sharon - I think you might need an accountant........

Laced with every disclaimer you can possibly think of, I think the following is correct - but don't take my word for it - and it may well depend on how many weeks you've let, and how many you've had available for letting.
shamac wrote:First time doing self-assessment for our holiday let. List of allowable expenses needed. Am i right with the following:

Mortgage interest Yes

insurance Yes

-% amount that letting company pockets from each rental? Yes

-Fees paid to holiday-rentals.co.uk? Yes

-cleaning costs-that is me-40 mile journey each way-plus 3 hours cleaning-thought 35 pound + petrol per changeover? Not sure that you gain anything from this unless you're set up as a limited company. If you're self-employed or a trading partnership the tax man doesn't see you as an individual separate from the business AFAIK. Petrol cost probably okay to claim, maybe more such as mileage allowance. Definitely worth checking.

-Laundry-sometimes have done professionally which costs me 13 pound (sorry my pound sign doesn't work!) can I claim the same if I do it myself? Same answer as above, but should be able to claim an amount for cost of electricity etc.

-is it full costs of light, heating, water or a percentage? Full cost for the let.

-can I claim council tax? Not sure on this one - it may be that you should be paying Business Rates?

-Can I claim the internet and phone line? Is that to the let, or for running the business? If the phone line is purely dedicated to the business, yes, otherwise (therefore assuming you use the line for private use as well) you can claim a reasonable percentage of line and call costs.

Anything else or am I wrong with anything? For the last year you can claim for pretty much anything that's a cost involved in running the business - maintenance, gardening, replacement furnishings/appliances, cleaning materials, supplies, welcome pack stuff etc etc. This year - who knows?

Also set up costs-didn't buy furniture but towels, sheets, bedding, kitchen stuff? Is that deductible? Yes - certainly for last year.


Many thanks everyone

Sharon
That is just what I think is correct, but you'd be well advised to check and I am most definitely not an accountant!
If anyone knows different, then fire away!
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