Quizzes & Puzzles0 min ago
Tax Return
1 Answers
I am just filing my tax return and it seems quite simple. I'm not sure what I should put in the catagories 'Cost of services provided' and 'other expenses' - all I have is two rental properties and a normal full time job. Is there a maximum amount for 'other expenses' or an amount when they start delving into everything? Last year when I used an accountant she put in �1900 of other expenses and I'm not sure what that would have been for! Can anyone help?
Also even though I have made a loss this year (and last year and year before) due to spending money doing the properties up, it is still calculating that I OWE tax, how can that be?
Any helpful accountants or knowledgable persons please help!
Thanks
Also even though I have made a loss this year (and last year and year before) due to spending money doing the properties up, it is still calculating that I OWE tax, how can that be?
Any helpful accountants or knowledgable persons please help!
Thanks
Answers
Best Answer
No best answer has yet been selected by pompey1939. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.the tax man would add together your'e paye income and the income from your properties (which is classed as un-earnt income which would be over your personal allowance, I dont believe there is a maximum amount of expenses you can put in providing you have proof of the expenses ie receipts you could ask the tax man for a copy of last years tax return but the accountant should have given you a copy anyway