Looking for some information on tax return for rented property, know I should ring revenue but thought I'd check in here first!
Thanks in advance!
I started late last year and did a short term lease for just 2 months, I wasn't up to speed and didn't register this with PRTB, those tenants have gone now so is it true I can't now register that lease with PRTB? so I can't claim mortgage interest relief for 2011 against rental income? Is it worth a phone call to PRTB?
As it's only 2 months of the year, how do I work out the reductions in income, eg do I pro-rate the annual management company charge to 2 months worth or deduct full amount? same applies to mortgage protection policy, house insurance etc?
In relation to 2012 rental income, is this due Oct 2013 or do I have to pay preliminary in Oct 2012? I'm regular PAYE
I have to replace the washing machine, I thought I would be deducting the full amount of replacement machine from the rental income for return and remove washing machine from my fixtures and fittings list for future depreciation? Is this correct?
or
Do I deduct the value of the old machine and then add the replacement cost to the fixtures & fittings list to be written down over the next 8 years? I only just heard about this and now I don't know which one is correct!
I phoned revenue about what I should include in fixtures & fittings and couldn't get a proper answer from them, does anyone have an approved list? Can I include the likes of fitted kitchen, fireplace, flooring etc?
I'm hoping to avoid the added expense of accountant for this
Cheers
Thanks in advance!
I started late last year and did a short term lease for just 2 months, I wasn't up to speed and didn't register this with PRTB, those tenants have gone now so is it true I can't now register that lease with PRTB? so I can't claim mortgage interest relief for 2011 against rental income? Is it worth a phone call to PRTB?
As it's only 2 months of the year, how do I work out the reductions in income, eg do I pro-rate the annual management company charge to 2 months worth or deduct full amount? same applies to mortgage protection policy, house insurance etc?
In relation to 2012 rental income, is this due Oct 2013 or do I have to pay preliminary in Oct 2012? I'm regular PAYE
I have to replace the washing machine, I thought I would be deducting the full amount of replacement machine from the rental income for return and remove washing machine from my fixtures and fittings list for future depreciation? Is this correct?
or
Do I deduct the value of the old machine and then add the replacement cost to the fixtures & fittings list to be written down over the next 8 years? I only just heard about this and now I don't know which one is correct!
I phoned revenue about what I should include in fixtures & fittings and couldn't get a proper answer from them, does anyone have an approved list? Can I include the likes of fitted kitchen, fireplace, flooring etc?
I'm hoping to avoid the added expense of accountant for this
Cheers