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Where Taxpayers and Advisers Meet

Self Assessment

mole
Posts:3
Joined:Fri Aug 28, 2015 10:40 am
Self Assessment

Postby mole » Thu Oct 20, 2016 5:52 pm

I have submitted my own Self Assessment the last 5 years as I receive a dividend payment each year, as a company director. However, in 2015 I purchased a BTL with my wife, and thus need to include it in my SA due in Jan '17.

Due to some refurbishments on the flat when we bought it, I think any profit would be negligible. If it turns out we made no profit, can I just ignore it all together and only include it in my SA when it starts making a profit (of course carrying any losses across from previous year). Do the HMRC just trust that you are telling the truth and if for whatever reason you are investigated then all I need to do is produce receipts etc. to show we made no profit?

I am toying with getting an accountant to do my tax return going forward but hardly seems worth it for the first couple of years owning the property is there were no profits...

Lee Young
Posts:2707
Joined:Wed Aug 06, 2008 3:26 pm
Contact:

Re: Self Assessment

Postby Lee Young » Fri Oct 21, 2016 9:06 am

if you have not made a profit you will have made a loss and this can be carried forward to claim against the profit when you do make one, so yes you should include it either way
Lee Young
Solicitor, Chartered Tax Adviser and Trust and Estate Practitioner


Partner, Frettens LLP
lyoung@frettens.co.uk
01202 491701


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