WARNING: This figure is high in relation to 'Total rents and other income from property'.

Hi all, I get this error when inputting my property renovation costs in my tax return. This year I only received £660 income and spent the rest of the tax year having to renovate the property at a cost of $8000. The form throws this error. I presume because my costs are higher than my profits? What is the correct way to input the costs when so little profit is made? Thanks in advance MJ

Hi,
You will only require expenditure to cover the income for the year.
The remain unused expenditure will be carried forward as a loss and utilised in a later year.
Ensure you complete SA105 in full.
Please refer to the following hyper link regarding the notes that refer to Self Assessment: UK property (SA105)-  and also the loss help sheet HS227 HS227 Losses (2024)
Thank you.