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  • Self Assessment & By to Let – Receipts/Proof Ect
  • mikewsmith
    Free Member

    What do people submit with their self assessment forms in terms of receipts ect?

    Just going through the forms for my GF and trying to submit from Oz….

    althepal
    Full Member

    Done it for three years and haven’t had to send in paperwork yet. I always keep it all filed away just in case though!

    mikewsmith
    Free Member

    althepal, do you just pop the figures down and send it off then??

    Sounds easier than I had hoped for

    althepal
    Full Member

    Sorry, I do it online. Been a bit up and down so haven’t made a profit so haven’t had to pay anything so far!

    mikewsmith
    Free Member

    same here, coming up as about £100 loss so at least no tax to pay

    althepal
    Full Member

    Pretty much work out my outgoings, expenses and what I get in.
    Outgoings is the usual, mortgage, insurance, factors fees. Also keep allreceipts for any work, repairs of furniture I’ve had to buy. Wear and tear to fixtures and fittings is deductible too at 10% per year but I haven’t needed to include this in my calculations up till now.
    Just jot down the totals when prompted to, and file away all my paperwork once it’s done. I slways keep my P60 so I can note down my income and tax paid from my main employment. Don’t know if that will apply in your case.
    Was a bit daunting the first time I did it but my biggest problem the last couple of times has been remembering my password!
    Edit- sounds like you’ve got it sussed!

    mikewsmith
    Free Member

    Yeah, main though was about posting loads back home but think we can avoid that one. GF didn’t sort out online before we left so I’m printing off all the paperwork…. at least doing it now should get it all sorted nice and early.

    Thanks for the advice next year should be simpler

    bobgarrod
    Free Member

    – you can only claim for the mortgage interest – not the capital payments on the mortgage.

    althepal
    Full Member

    I have a buy to let mortgage so interest only..

    FunkyDunc
    Free Member

    Get it online asap, but the forms are so much easier.

    To be honest, unless its a proper business I wouldnt get in to the claiming for wear & tear etc, its too much hassle for little reward.

    Keep a spreadsheet of your income and expenditure, which can be referenced back to receipts.

    Its very unlikely you will ever get an inspection (probably more likely living abroad) but you must keep all documentation for 6 or 7 years as they can inspect at any time.

    The hardest thing is getting the idiots to beleive that you no longer need to do self assesment. I stopped letting property 2 years ago but they keep insisting I do self assesment 😈

Viewing 10 posts - 1 through 10 (of 10 total)

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