Sorry, it was because not everybody is able to do their rental accounts so I thought it great someone could do them without an accountant. A further saving on costs.
They queried my claim for capital allowances as well as my calculation for profit from rentals.
That amount is cumulative over the 5 yrs I have been renting the property.
Therefore evidence to support it is 5 years of receipts...which I had.
They didn't copy them. But did copy my excel document which summarised my 2009 expenses.
They did want to look at the account the tenants lodge the rent to.
Don't know where you're coming from TMcG but sounds like you think that only accountants can do accounts correctly. This is not true.
Mommah did revenue not ask you about the PRTB registrations?
Mommah did revenue not ask you about the PRTB registrations?
And to TMcG
Although I am making a paper profit from these rentals, I am in negative cashflow. So I we do whatever we can outselves including the accounts.
My dh reroofed the flat roof after watching a few youtube videos!!!
I found the form 11 reasonably user friendly and triggers most of your deductables. The Revenue Guide to Rental income is pretty comprehensive also.
Also it is very difficult to figure out who's who when it comes to financial advisors.
Why?If you're looking for an accountant or tax specialist ('financial advisors' are a different kettle of fish altogether) your best bet is recommendations from friends or family.
Why?
Would you not get a better accountant by making a selection based on cost and qualification?
Hi Folks!
Just got the same kind of letter in post yesterday!! All about rented house for three years. Hope all is ok need to look through it again.
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