Rental income return 2011 - a few short questions

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dublin100

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Hello all,
I have got great advice here in the past, so hope people can help.

I am filling in my tax return (PAYE and rental income) for 2011. I am a registered landlord and pay an amount each month to Revenue on my rental income. I now have to pay the difference between what I paid and what I owe.

Regarding deductions:
1. Do I input all the interest I paid on my mortgage or the 75% figure to the return?
2. I had to buy a new shower for the rented house. Can this be deducted in full in 2011, as this is not furnishings (which I understand are deducted)?
3. I propose to calculate the Univeral Social charge at 7% on the difference between the rental income and expenditure. Is this correct?
4. Can I put current account fees (ie the bank charges on the rental account) as an expense?

Thanks for any help you can provide.
 
dublin100 said:
Hello all,
I have got great advice here in the past, so hope people can help.

I am filling in my tax return (PAYE and rental income) for 2011. I am a registered landlord and pay an amount each month to Revenue on my rental income. I now have to pay the difference between what I paid and what I owe.

Regarding deductions:
1. Do I input all the interest I paid on my mortgage or the 75% figure to the return? Only the amount you are claiming as a deduction, so 75%.
2. I had to buy a new shower for the rented house. Can this be deducted in full in 2011, as this is not furnishings (which I understand are deducted)? Yes (strictly speaking, maybe not, but even the pickiest of auditors is unlikely to split hairs over it).
3. I propose to calculate the Univeral Social charge at 7% on the difference between the rental income and expenditure. Is this correct? If you're filing online, ROS will calculate this. If you're not filing online... well you should be!
4. Can I put current account fees (ie the bank charges on the rental account) as an expense? If the account is specifically for the rental income, then yes. If it is also used as a personal account, then take a portion as an expense.

Thanks for any help you can provide.
Click to expand...

^^
 
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