Just trying to do my return for 2007 for a rented property we have.
Is it this simple??
Total rent incoming= X
Rent profit= Y
Total repairs & expenses = Z
(ie Mortgage interest paid (only), house insurance, mortgage protection paid, small expenses).
Amount of income after expenses but before Capital allowances= Z-X
Capital allowances : 12.5% of 7000K (I reckon!)= 875
Total expenses and CA's= Z +875= B
So taxable amount= X-B, then this figure taxed at 42%???
Sorry for longwinded post but I would have addedd all my figures but it would just take too much time, I really am not a money person but as Accountant made such a mess of it last year on my behalf, I cant do much worse!!
Any help appreciated!
Also how do I take into account a loss from 2006 of 760 euro??
Is it this simple??
Total rent incoming= X
Rent profit= Y
Total repairs & expenses = Z
(ie Mortgage interest paid (only), house insurance, mortgage protection paid, small expenses).
Amount of income after expenses but before Capital allowances= Z-X
Capital allowances : 12.5% of 7000K (I reckon!)= 875
Total expenses and CA's= Z +875= B
So taxable amount= X-B, then this figure taxed at 42%???
Sorry for longwinded post but I would have addedd all my figures but it would just take too much time, I really am not a money person but as Accountant made such a mess of it last year on my behalf, I cant do much worse!!
Any help appreciated!
Also how do I take into account a loss from 2006 of 760 euro??