UK Tax Return
 

Hi guys,
I am in the process of completing my UK tax return and was after a bit of advice as to what i am or am not entitled to claim.
The reason for completing a uk return is due to the fact that i have:-
A:- a rental property in the uk
and B:- uk bank accounts paying moderate interest
I pay the tax on the interest at the bank and then reclaim this in my tax return and also declare my rental income in the tax return.
What i am not sure of is what else i should be offsetting against my rental income etc such as insurance,costs of advertising.
Any advice would be gratefully appreciated as i do not have total confidence in my uk accountant that i am claiming everything that i should !!!!
Cheers,
Swagman

Re: UK Tax Return
 

You can find lots of information at http://www.hmrc.gov.uk

If you don't have confidence in your UK accountant, why do you keep using the service? Find another accountant or do it yourself.

You do have do declare everything on your Australian tax return, unless (in some situations) you are a temporary resident.

Re: UK Tax Return
 

The bank generally take 30% for taxes. If you're total income is in the top bracket me may be required to pay more tax on the interest received.

Re: UK Tax Return
 

So what are you paying that relates to the house that you are not claiming for? Why not ask the accountant if you can claim for these things.

Re: UK Tax Return
 

I wouldn't bother with an accountant for this. It's easy to do it yourself.

Main items are: interest on loan, insurance premiums; nominal amount for electricity/phone/stationery for running your letting business; any repairs/maintenance; letting agency fees or advertising/credit reference checks if doing it yourself; accountant costs (in your case); 10% wear and tear allowance (I think).

Re: UK Tax Return
 

10% wear and tear allowance is on fixtures and fittings and can be deducted if it is a fully furnished let. Stationery, electricity....? :unsure: