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Thanks, sorry one more question.
As mentioned above my husband and I own the property 50/50 so we are each filling in the Self Assessment form separately.
The figures given above for rental income of £4170 and expenses of £867 are each our own shares - 50%.
Regarding your response above - am I correct in assuming we can BOTH put £1000 in box 06 Property Income allowance if we delete the boxes showing the individual expenses of £867 each? I know we are not talking very much money here but I want to fill the form in correctly.
OK so it would be slightly more beneficial if I put £1000 in Box 06 (Property Income Allowance) and delete the individual expenses in boxes labeled Property Repairs, Legal and Management and rent Rates and Insurance ....that add up to £867?
Am I correct in thinking that?
Thanks in anticipation
Sorry, I am still confused. The link refers to Property Income. As stated above our rental income is £4170 each and our expenses are £867 each. Would it be more beneficial to us to each put the figure of £867 in box 06 Property Income allowance and then delete the individual expenses (in the other boxes labeled Property Repairs, Legal and Management and Rent, Rates and insurances) that add up to £867?
re the Mortgage interest cost of £232 each - so does the HMRC automatically calculate the tax relief due on this and add it to the Figure showing as Taxable Profit For The Year - in our case this is showing as £3303each on the page (or 2) earlier on the self assessment form?
How is the tax relief for this calculated please as the Residential finance cost box is after the page that shows your 'taxable profit for the year'.
Hi- we are completing a Self Assessment Tax Return for the first time and we are struggling with the a couple of questions/points.
Re - Details of UK Property. Q6 - Property income allowance. Figures shown below are 50%of Total (my husband and I own a property we rent out 50/50 so we are each doing a SATR.)
Rental Income £4170
Total Property Expenses £867
I was going to leave box 06 Property Income allowance blank - would that be correct?
My other query - Mortgate interest.-
ATM it is showing £3303 as taxable profit for the year (each)
After that figure on the form - question 43 (residential property finance costs )we have inserted £232 each (for mortgage interest). Does this automatically get included as expenses as I understand you can still get 20%tax relief from this -but I cannot see where /how this tax relief is calculated.
I hope someone can help us.