As an accidental landlord I started renting out my former home in November of last year. I am filing my Form 12 now so that I can get it out of the way but am a little confused on what boxes to fill in on the Form 12 so would appreciate any help.
The basics:
Rent for 2013 = 2400
Expenses = 2,621
Capital cost of new furniture, appliances, kitchen and work done to the house etc = 18,066
75% of Interest expense = 1,131
So on the Form 12:
Gross Rent = 2,400
Add Clawback of Section 23 = nil
Less: Repairs = 300
Allowable Interest = 1,131
Other = 2,321
Net Rental Income = nil
Net Rental Loss = - 1,352
Capital Allowances from Prior Year = nil
Capital/Balancing Allowance for 2013 = is it 18,066 or 2,258???
Capital Allowances used in 2013 = nil
Capital Allowances available for carry forward or offset = is it 18,066 or 2,258
Excess Case V capital allowances = nil
Losses from prior year = nil
Does this look correct?
Would really appreciate any help/advice...
The basics:
Rent for 2013 = 2400
Expenses = 2,621
Capital cost of new furniture, appliances, kitchen and work done to the house etc = 18,066
75% of Interest expense = 1,131
So on the Form 12:
Gross Rent = 2,400
Add Clawback of Section 23 = nil
Less: Repairs = 300
Allowable Interest = 1,131
Other = 2,321
Net Rental Income = nil
Net Rental Loss = - 1,352
Capital Allowances from Prior Year = nil
Capital/Balancing Allowance for 2013 = is it 18,066 or 2,258???
Capital Allowances used in 2013 = nil
Capital Allowances available for carry forward or offset = is it 18,066 or 2,258
Excess Case V capital allowances = nil
Losses from prior year = nil
Does this look correct?
Would really appreciate any help/advice...