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Where Taxpayers and Advisers Meet

what section in self property assessment

legepe
Posts:14
Joined:Wed Nov 28, 2012 4:29 pm
what section in self property assessment

Postby legepe » Wed Jan 31, 2018 1:45 am

Hi all,

In the self assessment online website there are the following sections within - Expenses for other property income
1.Rent, rates, insurance, ground rents etc:
2.Loan interest and other financial costs:
3.Legal, management and other professional fees:
4.Costs of services provided, including wages:
5.Property repairs and maintenance:
6.Other allowable property expenses:

Can anyone please tell me if Im putting things in the correct sections?

1 Insurance
1 Council tax
1 Electric
1 Gas
1 Water
? valuation fee
? mortgage account fee
? Mortgage broker fee
2 Loan interest
3 Agency fee
5 Kitchen
5 Bathroom
5 Plumbing
5 Materials
5 Plastering
6 Tools
6 Gas safety check
6 Office cost

I dont know what section to put down costs to remortgage - valuation fee? mortgage account fee? mortgage broker fee? Do these go in 6..?

Thanks
legepe

robbob
Posts:3228
Joined:Wed Aug 06, 2008 4:01 pm

Re: what section in self property assessment

Postby robbob » Wed Jan 31, 2018 10:27 am

Boxes 5-20 should only be used for Furnished Holiday Lets ! - nice of HMRC to hide the boxes 90% of bods use on the back page of a two page form

If its normal rental (not FHL) then normally you can enter all expenses in box 29 - simples
Property expenses
You can claim for the running costs of your
rental business.
If your total property income before expenses
(including income from furnished holiday lettings)
is below £83,000, add up your expenses and put
the total (minus any FHL expenses) in box 29.
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/604307/sa105-notes-2017.pdf

AdamS93
Posts:268
Joined:Tue Sep 26, 2017 6:28 pm

Re: what section in self property assessment

Postby AdamS93 » Wed Jan 31, 2018 5:28 pm

Strictly speaking you should spread the costs of the mortgage broker fees, valuation fees and any other similar fees over the length on the mortgage but I dare say most people don't but that doesn't make it right.


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