Self Assessment Tax Return - Tax Breaks
Fellow PPrune’ers
I'm sure there are plenty of us out there in the same situation but I though it would be helpful if we could compile a list of known tax breaks for those of us who live on the Patch and rent out our only home elsewhere in the country.
Clearly anything listed here can't be taken as fact and individual circumstances vary massively so be warned before claiming anything/everything listed.
My ten pence worth -
Even if you fall under the cut-off for doing a tax return (I'm talking additional income on top of PAYE tax deducted salary) - less than £10,000 income per year before deductions or £2,500 after deductions, it may still be worth you doing a return if you are technically making a loss ie. your rent doesn't cover your interest repayments. When eventually you do start making a profit you can offset it against losses for the previous ? number of years.
I've also heard that if you self manage your property you can claim for a BT phone line, a PC and two return journeys to your property for inspections (for which you don’t need receipts) does anyone know any details?