I may well be posting this in the wrong category, however if someone could pass on some advice I would be most grateful. I am now into my second year of letting out our property, and it's occured to me as I am already self employed and vat registered in my main line of work, should I be charging vat on my rentals ? If so would it be advisable to keep my main source of income seperate from the letting side,ie keep two lots of books for tax purposes.
many thanks Phil.
Advice please!
Hi Phil
whilst I can't help you with an answer, I am having quite a few problems with my complicated finances and was getting so many differing opinions I decided to phone the Inland Revenue. You do not have to give your name and you will be put in touch with the department that would give you the best advice. They were really sympathetic to my problems, I was on the phone for close on an hour and the guy on the other end of the line was VERY patient! They are only too happy to help, as they are not looking for people that are trying to get their taxes paid, they are after bigger fish
Just look on their website: http://www.hmrc.gov.uk/ and you will find a phone number.
Good luck!
whilst I can't help you with an answer, I am having quite a few problems with my complicated finances and was getting so many differing opinions I decided to phone the Inland Revenue. You do not have to give your name and you will be put in touch with the department that would give you the best advice. They were really sympathetic to my problems, I was on the phone for close on an hour and the guy on the other end of the line was VERY patient! They are only too happy to help, as they are not looking for people that are trying to get their taxes paid, they are after bigger fish
Just look on their website: http://www.hmrc.gov.uk/ and you will find a phone number.
Good luck!
Oh the dreaded vat and tax problem. I am presuming that you are a UK resident from your post. If you are already competant in filing your own vat/tax return alifrank1 link to HMRC is very good.charliechoice wrote:........should I be charging vat on my rentals ? If so would it be advisable to keep my main source of income seperate from the letting side, ie keep two lots of books for tax purposes.........
We also are vat registered, companies in Uk and rental properties there and France and would not sleep at night if we didn't have our accountant to file our returns.
It's our hard earned money and don't want to part with more than HMRC is due, therefore would strongly advise you to seek out professional assistance. They will in the end save you money.
Hope this was off use to you Phil, good luck.
Helen