How to report RENTAL INCOME on the self assessment tax return 23/24 -Tutorial

Thanks for the video, super helpful! For the section on property expenses, the guidance notes state that ‘If your property income before expenses (including income from furnished holiday letting) is below £90,000, you can just add up your expenses and put the total (minus any FHL expenses in box 29)’. From my understanding I would think you wouldn’t have to put individual expenses for rents, insurance, property expenses etc and you could just put the total amount in the box for ‘other allowable expenses’. Did you interpret this differently?

Is this video relevant for the tax year 2024/25 as well?

Great video. Clear, well explained

A huge help, thank you

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Thank you for this, really helpful. Wondering if you are going to do this for the tax year 24/25 too?

In your new one can you explain how to fill in with uneven share between couples. Thanks

Honestly thanks a lot. Not many people would go out of their way to do this. What a great way to market your business. Definitely will cascade

Thank you so much for these videos. So useful!! I wanted to ask: I do exactly this self assessment, as self employed with one rental income but last year i was 6 months working on a ship abroad. I have put in my bank account less than 10000 pounds from my salaries… do i have to declare this money??

Hi, if property was only let in August i presume i include mort interest for Aug-5 April. Can i still claim the full £1,000 property allowance?.

Is this the same for the year 24/25 please?

Is this rental income tax return still accurate for 2024/2025?
Thanks

Amazing so much information and really easy to follow thank you

Sir please guide how to use iris tax software for free trial for practice of tax 😊😊😊😊

Very helpful for my first self assessment, thank you. I may have some questions and feel confident I can approach you and your company.

So if I am an employee, am I supposed to say YES or NO (if I am filing only rented income for tax purpose)? Please help

In order to transfer personal allowance is it necessary for both parties to submit a Self assessment

Brilliant! Thank you soooooo much (think I'll use you next year though)

Thank you so much-very helpful. Appreciate time and effort and generosity of information. 🙂

Excellent video thank you, think you saved me a fair bit explaining the property income allowance and finance costs!

Great video, huge help in reminding me which sections I need to complete at this time of year. Also never knew that you could elect to pay through PAYE if you submit your return by the end of December, why on earth do HMRC not tell people this ? Thanks once again for a great informative video👌

Thank you for the brief. However some time back I was due some money back under PPI. HMRC deducted £2K as tax. But due to the non disclosure of the commissions that the bank was making without informing me, Im suppposed to claim this tax through the Annual self Assessment, Which part of the schedule do I complete to claim this over paid tax? Thank you for your time

I don't live in the property I rent but this is the only property I own. I live in a rental. does this make a difference?

If i paye, but i have rental income . when i filled in all my details, it shows my income and rental income will all be taxed. Will i taxed twice since my income has already been taxed though PAYE?

Thank you so much for educating us

Hi, thanks. Can i confirm, if I rent out a property with an Interest only mortgage @ £1,000 payment a month. Am in able to put in the figure of £12,000 in section 43 Residential property finance costs. And I should then recieve 20% tax allowance £3,000 ? Thanks in advance!

Cannot thank you enough for putting these videos together. They must take a lot of time and effort to produce and I echo everyone else on here who is extremely grateful for your help

Thank you so much. I watch every year to remind myself. Your calm and comprehensive explanations enable me to complete my return.

i am trying to do my returns. it keeps telling i have entered a loss. is this becouse i havent used my full tax allowance

Really Excellent video! There was one situation that escaped my understanding:
how to report a Personal Residence, Rented, furnished, for say, 3 months, during the summer, using a service such as AirBnB.
Are there any allowances claimable or is the whole Rental Income subject to tax with no allowance?
That situation does not seem to fall into the Furnished Holiday Let category, where there is a £7,500 allowance.
Would there be a Capital Gains implication, when eventually selling the property?

Thank you so much for the video, does help a lot. Thank you x

can you put in finance costs (interest) if you have claimed the £1000 flat relief?

Please do an analysis without a holiday let. Just a big standard local rental. Otherwise it gets a bit too messy and slightly difficult to follow.

Are you sure you put the full amount in Box 44, residential property finance cost, not just the 20%?

Hi, Thanks for this. It is very helpful. Please could you clarify if you have installed new windows at the residential let property, which section should this expenses be put into?

omg thank you so much, beautifully explained, my anxiety has reduced enough for semi-normal breathing to recommence…Huzzah

Thank you so much for the video. that is very helpful.

If you only have one property rented out to a private tenant are you classified as "self employed" if you have no other income? E.g that is your only income and you don't work for someone.