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Inland Revenue

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raysroad | 03:14 Mon 24th Aug 2009 | Business & Finance
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8 years ago I took out a mortgage for a house that was going to be a home for myself and future wife but unfortunately the marriage didn't happen, so I decided to rent the house out for awhile. I rented it to a couple in their late 50's for what was only going to be a few years and had then planned on selling it. However when the time came a few years back to put the house up for sale, the couple who lived there were so disappointed about having to move out that I agreed to carry on renting it. I didn't mind because they're a lovely couple, very good tenants and they were so pleased about being able to stay. Then recently I was contacted by the Inland Revenue (a really pleasant lady who has bent over backwards to be helpful) and told me that I should have been declaring that I rent out a house, (I live in rented accomadation myself in another town where I work for a supermarket) . Ive been asked to make a list of everything that has been spent on the house over the time that Ive had it. It is furnished and things have been replaced over the years (like new boiler etc, but Im unsure of what kind of things they want me to list, do they mean everything thats been spent on the house or just things like double glazing and maintenance products. The lady Ive been speaking to says they arent really interested too much in my type of landlord who just rents out one house but more worried about landlords with multiple property's. Could someone give advice about what kinds of things they want me to list. I dont want to make an idiot of myself by listing silly things (like draught excluder) and I don't want to go the other way and not list the things I should have. Any help would be appreciated.
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They mean everything no matter how small, that you have spent including any mortgage interest, if there is a mortgage. They will then subtract that from the total rent you have collected and then calculate how much tax you owe.
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Every single little thing. As small as lightbulbs.
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Thanks alot, thats very helpful.
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