Rental income and tax

[pumps]

Rental income exceeded interest and management fees for 2006 is it necessary to list rent and outlays on Return of Income Form?
pumps.

 

[Ham Slicer]

Rental income exceeded interest and management fees for 2006 is it necessary to list rent and outlays on Return of Income Form?
pumps.

Yes

 

[asdfg]

AFAIA No. If the profit is small you can just include the profit from rental income on the Return of income form. Keep a backup of how you calc the profit just in case revenue do an audit or ask for details.

As the profits rise you could come under the self assessment rules see "guide for self assessment" See "How is the tax due on rental income collected?" from the link below.


See [broken link removed] for what can be deducted from Rental income besides Interest & management fees

 

[ubiquitous]

AFAIA No. If the profit is small you can just include the profit from rental income on the Return of income form. Keep a backup of how you calc the profit just in case revenue do an audit or ask for details.

Have you seen Form 11 recently? Gross rent, interest, repairs & other expenses MUST be detailed separately on the Form 11.

 

[Graham_07]

Did you have rental losses in earlier years? If so they are set-off against first available profits this year.

 

[Howitzer]

Did you have rental losses in earlier years? If so they are set-off against first available profits this year.

But only if he made a return during those years and declared them as a loss.

 

[Graham_07]

But only if he made a return during those years and declared them as a loss.

Had assumed that OP would have done this if they had filing obligations in earlier years