H
Habib123
New Member
Hello,
ok so I'm new to property investing and am wanting my own tax affairs up straight and up to date. I've owned a leasehold property since July 2007 and during that time I let out the property for 58 months whilst living in it for the rest of the time. going through my accounts it has become apparent that I may have a retrospective tax liability in relation to the period I let out the property.
I've got self assessment tax calculation forms from HMRC for the six tax years concerned and have found I did declare rental profit in one tax year. I've asked HMRC to send through self assessment tax calculations for all tax years since 2004 so I can see exactly where I stand. according to their website they have 40 days in which to respond.
for tax purposes, am I right in assuming Profit from land/property for self assessment is worked out by deducted the annual mortgage interest accrued from the annual rental income in each tax year ? Since 2007 I've gone through three different lenders so if this is the case I will be requesting certificate of mortgage interest for the tax years concerned from each lender. I was under the impression profit was worked out by deducting the total mortgage payments and service charges for the year from the annual rental income-I guess this is incorrect ?
ok so I'm new to property investing and am wanting my own tax affairs up straight and up to date. I've owned a leasehold property since July 2007 and during that time I let out the property for 58 months whilst living in it for the rest of the time. going through my accounts it has become apparent that I may have a retrospective tax liability in relation to the period I let out the property.
I've got self assessment tax calculation forms from HMRC for the six tax years concerned and have found I did declare rental profit in one tax year. I've asked HMRC to send through self assessment tax calculations for all tax years since 2004 so I can see exactly where I stand. according to their website they have 40 days in which to respond.
for tax purposes, am I right in assuming Profit from land/property for self assessment is worked out by deducted the annual mortgage interest accrued from the annual rental income in each tax year ? Since 2007 I've gone through three different lenders so if this is the case I will be requesting certificate of mortgage interest for the tax years concerned from each lender. I was under the impression profit was worked out by deducting the total mortgage payments and service charges for the year from the annual rental income-I guess this is incorrect ?