Self Assessment completion for first timer!

[leemarkadams]

Hi all,

We are looking to rent out our property and go travelling and aware we would then have to complete self assessment tax returns due to having the rental income in addition to our 2 x UK government pensions that are already taxed at source.

So, having never done this before how onerous would this be?

Any decent guides for completing these in regards to rental property, as aware we can deduct certain costs such as letting agent fees, insurances, maintenance ?

LMA

[Countdown]

It's a bit like changing the brakes on your car. Some people will go to the dealership, others will go to a good Indy, and others (such as a high % of PHers) will do it themselves. It all depends on confidence, enthusiasm, and experience.

I'm an Accountant and I do quite a few SA!00 for friends/family. They're relatively straightforward (especially for people like you who have straightforward sources of income and expenditure). However there are a lot of complicated-sounding questions which can be confusing/off putting. And if you make any mistakes then it can be costly.

In short it depends on how much time you want to invest in understanding it yourself. You might prefer just to pay somebody to do both sets of returns for peace of mind.

https://www.lowcostaccounts.co.uk/fee-calculator/

[Ham_and_Jam]

If its your first time, stick all your income, expenses and financial data on a spreadsheet, and get an accountant to fill it in for you. You’ll get a copy for your records

You should be able to get it done for a couple of hundred quid.

Next year, providing your income streams haven’t changed dramatically, you’ll be able to use last years SA as a template for your new figures.