Paulson

Thank you so much for your reply. He is following Cash Basis accounting, not accrual accounting. Though he received the bill in the 2020-2021 tax year (June 2020), he did not start making payments by direct debits until June 2021 (2021-2022 tax year). He paid £100 in June 2021, then £100 in July 2021, and so on and he is still paying £100 per month to the council until the total reaches £4000. Is he allowed to claim the entire £4000 as repairing costs in 2021 - 2022 tax year or is he allowed to claim only whatever he paid until April, 2022 in 2021-2022 tax year? Thanks,

Any update on the above, thanks

Hi, My fried is paying £100/month to the council towards the cost of replacing the roof. Property was sold in July, 2022 at loss. Can he claim the entire £5000 in the repairs section or is he allowed to claim only the amount he paid to the council in the tax year 2021-2022 as it is paid on a monthly basis? Thanks,

Hi, One of my friends had property in a Council owned building in Scotland. The council changed the roof and split the bill among the landlords. My friend received a bill for more than £4000 in June 2020. He then tried to apply for some grants but nothing worked and he started to make the payments by direct debit in June 2021. He did not include this bill in the 2020-2021 tax year hoping that he will be able to get some grant. After he realized that there was no grant available, he started making payments in the 2021-2022 tax year (June 2021). He is paying £100/month direct debit each month to his £4000 bill which the council allowed him. Can he include the entire £4000 in the 2021-2022 tax year as repairing cost? Could you please tell us in which box this entry will go? Thanks

Hi, I am completing my Self-Assessment for 2021-2022. Could you please let me know which section I need to enter the Mortgage Interest I paid to the bank in the HMRC online Self-Assessment? Many thanks

Hi, My friend sold a property recently. It was a flat in a building of 6 flats. Most of the properties in the building were owned by the local council. Before the sale the council changed the roof of the entire building and sent my friend a bill for his share of around £5K. He could not afford it as he had to sell the property on a loss, so he negotiated with the council to pay each month £100 each. He is paying it on a monthly basis. How does he declare this cost in the Self-Assessment, is it the £100 as a monthly maintenance cost? Thanks

Hi, A friend of mine bought a property more than 10 years ago and sold it in the last tax year for a nearly 20K less than the purchase price due to difficulties in managing the property. Can anyone please let us know how he can declare this loss in the Self-Assessment? Thanks

Hi, Suppose the letting agency is collecting the rent every month and then they deduct the commission and they pay the remaining rent to my bank account, which amount I should use as my rental income? For example the tenant is paying £500 on the 28th of every month to the letting agency’s bank account. Agency then deducts £50 commission and transfers £450 to my account after a week or so. When I calculate the total rental income which amount should I use as monthly income - £500 or £450 ? If I am using cash basis accounting, I think it will be easier to go for the amount which comes to my bank account (£450) and date on which the amount appeared in my bank statement. Thanks,

Thank you so much for your help.

Thank you so much