Just bought a buy to let which will be declared for the first time in my 2011/2012 self-assessment. Sorry to ask such basic questions
Do I have to pro rata the rent and the allowable expenses on the basis of the specific 365 days of the actual the tax year, or do I just declare rent and allowable expenses which actually occur between 6 April 2011 and 5 April 2012, even though they cover a portion of both the 2011/2012 and the 2012/2013 tax years
For example I have to pay a full year’s service charge of £800 on 1 January 2012. Can I charge the full £800 to the 2011/2012 tax year or must I count the number of days the flat was rented in the 2011/2012 tax year and pro rata the £800 service charge to match the actual rental days of the 2011/2022 tax year.
The same question applies to the year’s ground rent and building insurance which also falls due on 1st January 2012.
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