SMF - Just Installed!

Question to landlords who use letting agent

Started by potsie, October 19, 2019, 10:17:22 AM

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potsie

If you do self assessment do you claim expenses of doing stuff at home related to keeping up with the paperwork etc. Any stationery claim like files and printer ink I understand but  what of claiming the £4 a week allowance? Do you claim a lesser amount, if any?  http://landlordmoneysaving.com/home-office-expenses-for-landlords/

Hippogriff

I claim the standard acceptable amount, as it will always fly through the HMRC systems. The online tools are becoming a bit more sophisticated now and will tell you if your expenses aren't in line with your rental income... based on whose expectations, I dunno... but when I had a boiler breakdown, a fence repair and various other things in one year it warned me in big red text that I was outside their expectations... frightening... as sticking to it means less tax, but possibly a review (?) - I don't know how likely that is for small-fry like me, but I changed a few numbers to get back "in the black" and avoid the warning, meaning I paid a little bit more tax... basically, I caved to the pressure. Stick within the guidelines and you'll not go wrong.

potsie

#2
Thank you H.  Am a small minnow on a big learning curve. At my age it keeps the grey matter focused and its quite enjoyable. At the moment!!