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  • Self Assessment Pension Contribution (SIPP)

    I'm due to complete self assessment for the first time that will include income from a rental property and PAYE. Background: Basic rate tax payer, employed, employer has a standard workplace pension but I have opted to do salary sacrifice in the tax year (I have my annual statement from Aviva which shows the figures). When completing my self assessment, I'm looking to confirm what numbers need to be included in the below section. There are two sections, I would like to know what is the correct section, for reference I have made three seperate payments amounting to £12,500: "Payments to registered pension schemes (Also known as PPR) where basic rate tax relief will be claimed by your pension provider (called Relief at source). Enter the payments and basic rate tax OR Total of any 'one-off' payments to registered pension schemes included in the 'Payments to registered pension schemes where basic rate tax relief will be claimed by your pension provider' box: Is the correct answer: #1. £12,500.00 * 0.2 = £15,000 And if so, which of those two options should I put the information in? It's my first time using a SIPP, bearing when I made a £12,500 contribution the pension provider will only claim the 20% tax relief in 6-8 weeks and post it to my account. Should I put I have contributed £12,500 to my SIPP on my tax return or should I be putting £12,500 * 0.2 = £15,000. Sorry for all my questions but I am a very apprehensive about including a wrong figure on my return.
  • Rental Expenses

    Hi everyone, I have a couple of questions regarding rental property expenses for tax purposes, and I'd appreciate some advice or clarification from those familiar with HMRC guidelines. Roof Repair Expense: I recently had to undertake a roof repair on my rental property due to leaks, which cost approximately £8000. I'm wondering if this expense qualifies as a deductible rental expense or if HMRC would classify it as a capital expense. Any insights on this matter would be very helpful. Handling VAT on Expenses: When reporting allowable expenses on my tax return, should I use the net or gross figures? Most of my maintenance bills from contractors include VAT in the final price. I assume I should input the total amount stated on the bill, including VAT, on my tax return. Could someone confirm if this is the correct approach? Thank you in advance for your help!