How to Report Rental Income On The Self-Assessment Tax Return 22/23
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- เผยแพร่เมื่อ 5 มิ.ย. 2023
- This tutorial shows landlords how to report different types of rental income on a self assessment tax return for the 22/23 tax year.
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Thank you for the great information and explication’s 👍
Appreciated
Calm and clear, and well spoken
Thank you, this was a great help. Subscribed.
Thanks a lot for the easily explained information and useful video , that was great 👌
Very Thorough! Thank you
These videos are BRILLIANT and so informative. Thank you
Hi! First of all, great video! Thank you for publicly making these and free for us.
I just hoy confused at one point where I found your explanation at 21:00-22:00 on the finance costs of FHL. You say the interest is 100% deductible but then it is said that the tax relief is dependent on the my tax rate as an individual. So I couldn’t figure out if that 5k you entered is 100% if the loan interest for the year or is it the 20% of the loan interest? Thanks!!
Fantastic! Really appreciated.🙏🏾😊
Very helpful, thank you!
Thank you that was really helpful
Thank you for this very helpful video. It really help us to navigate our tax return
Looks like this one will be clear and helpful!
Thanks mate, just did mine for the first time as I've always filed by post before and was petrified of the confusing format, but after it was done they let you download the forms and to my astonishment they show you a pdf file with the original forms as they always were mailed to me. Thanks for posting the video - helped :-) 🙂
Thank you for this extremely helpful video.
You're very welcome!
Can't thank you enough for this video. I managed to submit my tax return by myself. Bless you for this.
Thanks so much for this brilliant video. Is it then possible to claim the income property allowance AND also claim the tax relief for finance cost (tax relief for mortgage interest) ?
Great video. Thank you for sharing this knowledge. May switch to you next year sir.
Hi Its a great video. Cleared so many confusions.
This should be in the HMRC website.
Thanks for your video!
My pleasure!
Cheers. Really helpful.
Glad it helped
GREAT VIDEO, HELPED enormously - VERY WELL PRESENTED !! just a quick question: so mortgage interest finance costs cant be claimed?
Great video and well explained. Thanks so much!!!
You are welcome, thanks for watching
Great video, super cleared, thanks for making this available. A quick question, if I only have rental income and the taxable profit after deducting the allowable expenses is less than the personal allowance amount, meaning there's no tax payable. In this case, can the finance costs be carried forward to the next tax year? Do you have to declaim that amount in the current year tax return? If so, where? thanks a lot!
Thank you that was really helpful! Hopefully things haven't changed this year
Hi Just found your channel great videos thanks. A question on rental losses. I am doing my 22/23 tax return at the moment and in the present tax year 23/24 I am not going to make a profit. The question is when do I tell HMRC this and where?
Thanks again for the informative videos
Simon
Hi, Great video, a couple of questions?? I have a FHL and need to complete a tax return for 22/23, cash based accounting. HMRC guidance suggests that all costs should be declared as allowable expenses(car being an exception if used) and not capital expenses. Does this mean everything from furniture/linen, utility costs, insurance and maintenance/replacement of fixed items, boiler, shower etc all used for the FHL use only can be offset against the income achieved. Any advice/guidance would be greatly appreciated.
Thank you so much. This video was great! 👍
Glad you enjoyed it!
Really good video & helpful. 5*👍
Hi! Great video. I am doing my self-assessment for the first time this year and one thing I am unsure is whether or not to include in the legal section cost of solicitors I had for remortgage, deeds etc. and financial advice I have invoices for from September and October 2022, if I have started to receive an income from the rented accommodation from January 2023 (the property was legally mine (after divorce proceedings) from around 12/12/2022)? Would you please advise? Thanks
Hi Adam. With regards to residential finance costs on a non furnished standard residence. Do I put the full amount I have paid in interest in the box or do I work out what 20% of my total interest costs are and then enter that reduced amount in the box. There are some videos on TH-cam that say you should only put 20% of your total interest payments into the box. Your video appears to show you entering the full interest payment costs and explaining that HMRC then works it out at 20% tax reducer for you. I would have thought that if HMRC wanted you to only show 20% of your total interest costs then they would say that but they don’t. Hope this makes sense. Thank you Mike
Great video thank you. I have a BTL property and have completed a tax return for years. I understand now they have fazed out the mortgage interest % you use to get i think it stopped in tax year 20/21 i understand you now need to put it in another box. How does this work? I believe it is box 44 or 45? I assume as i do join return with husband we put 50% each down for the mortgage interest on each of our tax returns like we do with all other expenses. Do you carry this figure over and then add the next lot of interest each year. Ie £2000 for example for this years return and then £4000 next year. I watched your video and saw boxes but wasnt mentioned about this tax relief being fazed out. Thank you
Hi, this was an
invaluable video. I filed mine for the first time with the help of your free and very detailed instructional video.
Thank you so much. 👍🏽
You are welcome!
very useful thank you, one question if you have a holiday rental but its part of your main house, as in I have a one bed lodge above cartlodge in grounds of main house. Does this still go into the property pages or do you add it to supplementary income. I am not sure a lodge in grounds is the same as having a separate house as a rental? thank you Neil
Hello, do I have to give an answer if the question is 'optional'?
Do you have to declare the pension you receive even though it is already taxed at source? I'm only filing this return for the income from renting out a property. Thank you
Nice video & very helpful. Please can you also explain if the losses from previous years can be carried forward as in this video this part is skipped.
Hi, the video is really helpful. I am employed and am taxed at source directly. Two years ago, I rented a room in my property where I live but it was below £7500 should I have declared it to HMRC? Can this be doen retrospectively?
could you make a video explaining how to add the mortgage interest expenses? I am a bit confused how to calculate that. Thanks
very helpful video. thank you
Glad it was helpful!
Hi, I've just set up using my annex as an Airbnb hopefully to let all year round . In your video you say that I have to have let it out at least 105 days this year , with being new I have not reached this target , so I'm I right in thinking that I cannot put my income and expenditure/capital allowance on the tax return thanks
Hi, if you make loss in the current year and want to forward the loss from previous tax year as well, where do you put the loss amount from previous year as it says loss can only be forward if there is profit in current tax year. Thanks
This was very helpful, thank you. I didn't know we were allowed to claim 20% on mortgage interest payments? Think i have been over paying for years? Can i claim this back?
Thank you for your very informative video My question is I have been self employed sole trader for the last 25 years and have all class 2 stamps paid in full and have always been in full-time employment previous to self employment but this year when I submitted my 22-23 return it would not calculate the class 2 or ask for payment I am due to retire at the end of April this year I checked my state pension forecast and it said I would get something like £204 weekly which is I think the full pension so is there any point in paying any more class 2 stamps or is it mandatory up until the day I retire and if so how do I pay the class 2 for the 22-23 period Thanks in advance
Hi Adam - did you mention where to enter the rent a room allowance later in the tax return - if you earned more than the 7.5K? Did I miss it? Please let me know - thanks in advance, Amanda
Hi, thank you for the video. Somehow I couldn't locate the 'Tailor your return' page for 22/23 tax year. Could you send it to me? Thank you
Do I have to include any information about dividend income received inside a tax free Stocks and Shares ISA ? ( The fact that it's designated TAX FREE suggests not... ) Haven't filed a return for a while !
Simple question. Apart from property income, I also have some Freelance work income. Is there a separate section or would I need to submit another Self Assessment? Many thanks
Hi Adam thank you this is absolutely brilliant, I keep replaying it because I can't see if I can reclaim mortgage interest on my buy-to-let flat which I've had for 20 years as an interest-only mortgage product which was all the rage then.
Hi yes you can, If you need our help and have a specific question, just sends us an email to info@tax2u.co.uk and we can provide a competitive price and help you.
Confusing, needs chapters. Which bit is for purely renting a domestic property?
Where the question has "(Optional)" after it does that mean it isn't actually mandatory to answer? Even if the answer is yes/no? Does 'optional' mean you don't need to answer it regardless of it applies to you?
Great help, thank you - would love to see one on doing the Pensions section - have a small occupational one paying now but not State yet, seems to ask me for my state declaration anyway 😞
Great suggestion!
Hi.. can you confirm that if you have 2 rooms that you rent in your own home and a separate property you let out.. that I declare 3 property income?
Hi, thank you for your video, we have one property for rent with my wife we do both self assessment , just not clear if you joined owner can you claim each £1000 property allowance? Help and regards Vytad
Thank you for your videos, do you do one for someone who just has one rental property? I am renting my flat out whilst I am studying and working part-time, all the numbers are confusing me!
Yes we do, please send an email to info@tax2u.co.uk and our team will help you.
Hi Adam, we have 1 rental, as I'm not working i transferred my marriage allowance, in my self assessment of £1260 to my wife, as we both did her return, it didn't show in her financial calculation as a relief to her tax allowance. Hence, it's added about £500 to her tax bill. The marriage section starts by asking if you were married before 1934 and is really complicated to understand whether we were supposed to fill in something in that section or not? We've paid the bill but we need to go back in and redo that aspect. Any advice????
Little confused with the £1000 allowance… say I sold £1,200 worth of items in the tax year and the items cost me £300 I’d be below the £1000 limit. Is this correct?
Great video, very clear walkthrough, it helped a lot! Just a quick question: is any of the following expenses allowed to be claimed back when buying for the first time a buy-to-let property, or in case of re-mortgage? If, where can I put them?
1. Mortgage advisor fee;
2. Conveyancer fee;
3. Surveyor
thank you very much!
Marcello
Yes, absolutely just send us an email at info@tax2u.co.uk and one of our team members will get back to you with more details.
Hi, Firstly great video. How does it work for holiday lets if you've just purchased it a month before the end of the tax year and only received a partial months rent (Over £1000). Does it still qualify for a holiday let and the income allowance of £1000. How is this declared? Thanks.
Yes it does if your income from it is over £1000
Could you please cover for rental income and part time hours work as employee as well please thanks
well the most important question is unanswered. I cannot seem to get through to this section. What is the website I need to do this?
I dont understand the "Payment on Account" section. My bill for 22/23 is over £1000 for the first time ever. I normally pay that in a one off payment using my online bank account. What happens if I pay the full amount? Will I still have payments to make in January and July 24? I'm scared to complete it now!
Can a FHL be your residential property?
Hi, thanks so much for this video. If I rent out just one property and still on mortgage, do I register as self employed first or just submit the self assessment form? Really confused about this.
Yes you need to register for Self Assessment and get a UTR number and declare your all your income on the Self Assessment form. here is the link to register online www.tax2u.co.uk/utr/utr-number
Hi, could someone help? I am trying to do this now for the first time. Income from renting a room was less that RAR relief (i.e less than £7500) which the website states would automatically not be taxable after selecting both:
- Do you want to claim Rent a Room relief? (optional)
and then
- If 'Yes', did you receive rents of £7,500 or less (or £3,750 if let jointly)? (optional)
however this is not reflecting in my return summary.
Hey does anyone know where I enter the information for the mortgage payments that I pay to the bank on the property please? Is it just on the expenses section? thanks
In box 24 for the property return it says rental income. Do I put the amount that I received in the tax year in there? Also my tenants had a 12 month tenancy till April 23 but moved out Nov 22 and so I paid the rent till April 23. Can I claim this back?
Do you own this propety and do you rent it entirely or did you just rented 1 room ?
Thank you
You're welcome
Thank you, this is so helpful gone through step-by-step in plain English! We are completing our first tax return as landlords, renting out our house while we live somewhere else. We have a property manager taking care of everything and all expenses are directly paid by them. We receive what’s left. Do we just fill out what we receive as a total and leave the expenses blank? Or are we expected to know the breakdown and show expenses?
You are expected to know the Breakdown of the expense. If you need our help and have a specific question, just sends us an email to info@tax2u.co.uk and we can provide a competitive price and help you.
I needed to know about filling out the foreign property income which you completely skipped over 😂
Hi, Adam, very helpful. I got a question for investment property rental income tax filing, the property is joint property 50% to 50% with spouse, but my spouse agreed to give up his 50% and fully paid to my own bank account, can I declare the 100% rental under my tax filing?
Yes you can
@@tax2ulimited ...If this is the case the property has to be transferred into solely the spouse's name, not joint names. Or is this not the true?
Thank you for a helpful video! I was wondering about this scenario: Charlies has property A where he lives with a lodger, and property B that he rents out to tenants (long-term) 1) Can Charlie claim RAR relief? Especially if expenses in both properties amounted to less than £7500? I gather from the video that yes? 2) If Charlie earns under £7500 for property A and, for example, £8000 for property B can she/he declare the income only from property B? Or does he/she need to declare both because of the joined income from the two properties?
You are welcome!
Yes it can become pretty complicated ... just sends us an email to info@tax2u.co.uk and we can provide a competitive price and help you if you need more help.
Hi. Thanks for the info and great video. I am retired and rent out three properties. I have never claimed for using my home, milage or stationary. Am I correct in thinking I can claim a set amount of £6 peer week against tax? I'm sure I saw it in one of your vids. If so where is the amount entered on the tax form? Thanks in anticipation..Chris
By the way I mean without supporting documentation. Cheers
Nice video, very helpful. There is only a question after watching your video. Does financial cost for rental property needs split for 50:50 due to shared ownerships (e.g. mortgage interest)? Thanks a lot !
you cant rent out shares ownership
@@yurihuski oh, it is shared between family members though
I am a foreigner who owned a hotel room investment scheme and there was no rental income since 2020. I was told that I need to submit my tax returns even when there is no income. I have been using online submission for many years but in this year 2023 I could not do the online submission in HMRC website. The website stated that I need to use commercial software but being a foreigner retiree I have no idea where and how to get this software?
Can you advise me where to get it as I have trying to email to HMRC many times but nothing fruitful and there is nobody to help me too? Can you provide me the right email of the person in charge to inform them there is no income for my case. Thank you very much.
Great video. I am trying to declare rental income, after saying yes to the question about having income over £1000 and trying to save to proceed further, get message 'You cannot remove a section from within '3. Tailor your return'.
Please use the 'Delete' link from within the section you wish to remove.
The 'Delete' link can be found in the bottom right hand corner of the page.
Go to Check your progress to access the relevant section.
Should you indicate self employment question if you earn over £1000 as income from rental income
Great thank you. I lived abroad for a charity in Africa for the tax year 2022 to 2023 and rented out my house - I think I should have informed the HMRC that I was not in the country - I have no income from that year apart from the house - I have a personal tax assessment to fill out and I have my postal address as my brothers - is it ok to fill out the form - although some parts do not appear to be relevant or should I contact them?
Best to contact them. Just sends us an email to info@tax2u.co.uk and we can provide a competitive price and help you if you need more help.
why does it say 'optional' in many of the questions in the property section ?
Hi I am unable to edit page 3 an update the a) number of jobs i have had in the period and therefore also the names of each employer as its pulling last financial year. It says the delete button is in the bottom right hand side of the page buy i cant see it what a strange system . please help
Hi, my husband and I are renting out our annexe and I understand that the tax will be split 50/50 but when filling in the self assessment form can I input the total amounts of rental and expenses for the year, or do we have to do separate assessment forms inputting half of the information on each form? Thank you.
You will need to do separate assessment forms, one for each. If you need our team to help you we have a Tax Return Service please email info@tax2u.co.uk and will make sure your SA tax return is drafted properly and submitted to HMRC
great video but trying to figure out how to do calculation for interest mortgage at 20% reduction.
Yes it can become pretty complicated ... just sends us an email to info@tax2u.co.uk and we can provide a competitive price and help you if you need more help.
I have 2 mortgages , 1 for house I live in and 1 for rental property. Do I enter the mortgage interest paid for both property under 'Residential Financial cost' or just the rental property interest?
You may enter both. If you need our help, just sends us an email to info@tax2u.co.uk and we can provide a competitive price and help you with your specific situation.
Do you have a video on how to declare Foreign Income? Thanks
That is a good idea, we do not have one yet.
This is a great informative video, thank you. I've tried to make contact, as I have a query and would be happy to pay for your time. I've left a phone message, and emailed. No reply.
Hi sorry for the late reply , please confirm your full name and I will look for your email or simply send a new email to info@tax2u.co.uk and someone will get back to you in less than 24hrs
Hello, I’m abt to buy an hmo property (mortgage)which will be giving me a cash flow of £1000 each month Frm d management company, I work full time with a annual salary of £35k …pls how much tax roughly will I be paying from the £1000 cash flow? I ll really appreciate ur answer
it will depend on your total income minus your expense by the end of the tax year. If you need more help just send us an email at info@tax2u.co.uk and one of our team members will get back to you with more details.
Brilliant video thanks however I keep getting format error when entering Total rents 12565.00
I can't move forward
Yes try the correct format number. If you need more help just sends us an email to info@tax2u.co.uk and we can provide a competitive price.
Hi Question 1) Do we insert 50% rental income and 50% Expenses when you jointly own a property 50 : 50. Question 2) Also we are accidental landlords on a residential mortgage for this year it is ok but next year when we file a return next year our lender increased the interest rate , can we claim on the increase in the interest rate?
Hi good questions. 1 Yes , 2 Yes.
Yes it can become pretty complicated ... just sends us an email to info@tax2u.co.uk and we can provide a competitive price and help you.
Please is there any way I can go back and check the tax return calculation I submitted last year 2021/2022 on the government gateway login?
Yes you should have access to see your 2021-2022 Submission PDF on your Personal Tax account. If you need more help just sends us an email to info@tax2u.co.uk and we can provide a competitive price.
Just a question, why have you selected "no" to the question about if you were an employee?
You select NO, if you only worked as Self Employed.
It is not clear , HMRC stopped claiming the mortgage interest . so how can we declare the mortgage interest to reduce the profit, need more explanation
Yes, absolutely just send us an email at info@tax2u.co.uk and one of our team members will get back to you with more details.
So if you have a property abroad in the EU the rental income will still be declared as if received in the UK?
Yes that is correct, if you need help, just sends us an email to info@tax2u.co.uk and we can provide a competitive price and help you.
Hi, I actually called HMRC and they told me it goes to foreign income? Very confusing. @@tax2ulimited
If i am doing a tax return for my rental income should I select no to the question "were you an employee"?
Yes.
If you need more help just sends us an email to info@tax2u.co.uk and we can provide a competitive price.
How to complete sale and purchase of a property
That will be as a Capital Gain on Property www.gov.uk/tax-sell-property
If you need help with this, please email info@tax2u.co.uk
could do with time stamps on here
Thank you for your feedback !
Hi,
Can I talk to you about my 2021-2022 rent income tax return back? I need done this very soon. How can I contact you? Thanks
@@stumpy25lbs😂😂
government screw me big time
like i am paying a mortgage of almost 10 k by year
and only allowed like 2 k like
that is theft
If you need help, just sends us an email to info@tax2u.co.uk and we can provide a competitive price and help you make sure you claim correct tax.
By combining all 3 you made it too complicated - would be great if you could do one just on rental 6 month contract so that you don't have to go through the whole video
Seems like you do not reply any queries.. :(
Hi there, ff you need more help just send us an email at info@tax2u.co.uk and one of our team members will get back to you.
👏🏻👏🏻👏🏻👏🏻 Giving instruction on how to cheat. Bravo!! You’re making bank on your videos that these vulnerable people take as gospel; yet, practically each one has a question(s) to which you do not respond🤷🏻♀️. That indicates to me that some of these questions are way above your grifting mentality.
Thank you for your feedback and attention. if you need our help and have a specific question, just sends us an email to info@tax2u.co.uk and we can provide a competitive price and help you.
Small Tip mate - if this video is about Rental Income dont bore everyone with a description of every type of Income - just click No and move on
Thank you
True
Rude ! This is free info
😡 Promo`SM