Have looked through government tax allowances and its very complicated. My simple ? Question is: my husband and I jointly own a flat which we let to local authority. They give us rent before tax so I am about to complete 2 tax returns, 1 each for us splitting the income.
Can anyone list what I can claim so I don't over pay tax please. We are both retired, husband is over personal allowance on his pension, I am not
This link goes to a commercial website but the information provided is a good guide to allowable expenses: www.just4let.co.uk/media/pdf/Landlord%20Guide%20to%20Tax.pdf So start with the total income from the flat. Deduct all permissible expenses. Split the resultant figure into two equal parts for the tax forms unless that would still leave you...
This link goes to a commercial website but the information provided is a good guide to allowable expenses:
www.just4let.co.uk/media/pdf/Landlord%20Guide%20to%20Tax.pdf
So start with the total income from the flat. Deduct all permissible expenses. Split the resultant figure into two equal parts for the tax forms unless that would still leave you with part of your personal allowance unused. (If so, split the income so that you use up all of your personal allowance).
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