BTL, receipt from 2014/15 tax year?
Discussion
Just sorting out my BTL accounts for 2015/16 and I've found a repair receipt from 2014/15 that was not entered in the accounts. Can I account for this in my 2015/16 return or must it be accounted for in the financial year the money was spent.
Its only a couple of hundred pounds, but It does mean I've over paid tax. If it was the other way around the tax man would want me to correct the mistake
Its only a couple of hundred pounds, but It does mean I've over paid tax. If it was the other way around the tax man would want me to correct the mistake
Strictly speaking you have submitted an incorrect 2014/15 tax return and you should, in theory, resubmit it with the correct level of rental costs included.
HOWEVER, sometimes a more pragmatic approach might be more convenient. I'd be inclined to look to see how big an impact the deduction has and perhaps slot it into the 2015/16 submission instead. If it doesn't significantly distort the 2015/16 figures, I'd be inclined to just include it as part of the 2015/16 rental costs.
HOWEVER, sometimes a more pragmatic approach might be more convenient. I'd be inclined to look to see how big an impact the deduction has and perhaps slot it into the 2015/16 submission instead. If it doesn't significantly distort the 2015/16 figures, I'd be inclined to just include it as part of the 2015/16 rental costs.
Eric Mc said:
Strictly speaking you have submitted an incorrect 2014/15 tax return and you should, in theory, resubmit it with the correct level of rental costs included.
HOWEVER, sometimes a more pragmatic approach might be more convenient. I'd be inclined to look to see how big an impact the deduction has and perhaps slot it into the 2015/16 submission instead. If it doesn't significantly distort the 2015/16 figures, I'd be inclined to just include it as part of the 2015/16 rental costs.
Thanks, that was my first thought and the net result will be the same.HOWEVER, sometimes a more pragmatic approach might be more convenient. I'd be inclined to look to see how big an impact the deduction has and perhaps slot it into the 2015/16 submission instead. If it doesn't significantly distort the 2015/16 figures, I'd be inclined to just include it as part of the 2015/16 rental costs.
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