I need to notify HMRC of my rental income for the first time and on the phone the only advice I seem to be able to get is to send them a letter explaining all my outgoings vs income.
Can anyone tell me if I compile an excel spreadsheet with all of this info if it will be acceptable, if I send in along with a cover letter?
On a separate note, for my expenses am I right to assume that I can include:
1. 10% wear and tear allowance for the value of any property belonging to me in the property.
2. a cost of fuel for me to make trips to travel to the property to make inspections.
3. repairs and maintenance carried out at the property ( I had to have some work done on the central heating system at some considerable cost)
4. insurance costs
5. costs of advertising the property ( as i did not use an agent i advertised it myself)
6. RLA membership cost
7. costs of replacing furniture or adding new furniture.
Any further advice around these points is helpful.
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