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Guest
Hi,
I need to complete a Form12 tax return for 2007 for the first time. The only section I'm interested in is Section 13 as I have a tenant living in my apartment while I'm away. I've managed to get some good information on what i can claim tax relief on but I was wondering if someone could tell me what Capital Allowances are? For example I have to enter
Net Rental Income (after expenses but before Capital Allowances) and the same for Net Rental Loss. Unfortunately I don't know what these are.
To then claim tax relief on the other areas (like letting fees etc) do I just submit those against the "Less: Other" line of Section 13 or is this a separate claim?
I apologise if these are obvious questions but I can't find answers and as I'm currently in New Zealand contacting revenue to get answers to these things is a little difficult.
Any help appreciated,
Thanks.
I need to complete a Form12 tax return for 2007 for the first time. The only section I'm interested in is Section 13 as I have a tenant living in my apartment while I'm away. I've managed to get some good information on what i can claim tax relief on but I was wondering if someone could tell me what Capital Allowances are? For example I have to enter
Net Rental Income (after expenses but before Capital Allowances) and the same for Net Rental Loss. Unfortunately I don't know what these are.
To then claim tax relief on the other areas (like letting fees etc) do I just submit those against the "Less: Other" line of Section 13 or is this a separate claim?
I apologise if these are obvious questions but I can't find answers and as I'm currently in New Zealand contacting revenue to get answers to these things is a little difficult.
Any help appreciated,
Thanks.