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Where Taxpayers and Advisers Meet

FHL Self Assessment

Fauves
Posts:5
Joined:Mon Jul 22, 2013 5:05 pm
FHL Self Assessment

Postby Fauves » Tue Jan 19, 2021 1:17 pm

Hi,
Just completing self assessment online and I have a couple of questions -

Myself and spouse own a FHL - when declaring income/expenses for this property do we split everything 50/50 for each return or do we just enter the total in each self assessment?
Example, income is £12,000, expenditure £6000, would we submit these figures in both returns or £6000 / £3000 in both?

We run a home office from which we operate the business. Would we claim utility expenses for both the home office and the FHL in the same place as they apply to the same business?

We have a significant expense carried over from a previous year, presumably the figure would need to be carried into this yearly return although I'm unsure how much I need to deduct from this figure owing to claimed expenses from the previous tax year, or whether I should just deduct the expenses claimed this year?

Hope that all makes sense, help much appreciated.

bd6759
Posts:4262
Joined:Sat Feb 01, 2014 3:26 pm

Re: FHL Self Assessment

Postby bd6759 » Tue Jan 19, 2021 5:47 pm

1. Just your share goes into your return.

2. All expenses in connection with the FHL should be in your accounts. What method did you use to calculate the cost of utilities in a single room?

3. Expenses are shown in the accounts for the year in which they are incurred. An excess of expenditure over income is a loss. Did your return show a loss last year? Is so, there is a box for you to show the loss brought forward.


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