HMRC Returns

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M
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Hi,

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.

Many thanks,

Tom

07/12/2011 00:00

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