declared as self employed starting Oct 05.
Currently completing tax return April 05-April 06. Have just kept receipts etc, not accounts. When is my basis period for 05-06 please?
2007-01-16 09:41:18 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United Kingdom
the basis period would be from xx-Oct-2005 to 05-Apr-2006.
2007-01-16 22:34:12 · answer #1 · answered by Pat 4 · 0⤊ 0⤋
It would from 5th Oct 05 to April 06 xxxx
2007-01-16 09:50:22 · answer #2 · answered by Anonymous · 3⤊ 0⤋
If you have kept proper records of your income and expenditure, it should not be difficult. I don't think the agent has deducted tax from his fees - check his statements again - are you sure its not the VAT he is charging. You need to declare the full gross rent and then claim the agents fees, repairs, insurance, etc. The tax return shows all the headings. As the property is let unfurnished, there is not a lot else you can set against the rent. Any modernisation expenditre will be capital and only eligible to set against CGT when you come to sell. I would do it myself, but then I'm an ex Inspector of Taxes. If its worrying you, see an accountant, at least for the first year, but without proper records he can not be much help!
2016-05-23 22:00:45 · answer #3 · answered by ? 4 · 0⤊ 0⤋
get it in b4 Jan 31st or its a 100 pound fine.
2007-01-16 09:46:14 · answer #4 · answered by Alfred E. Newman 6 · 0⤊ 0⤋