Question on form 11 for rented property

princefan

Hi all ,
Hope I'm posting to right forum .

What exactly is -
"Amount of income after expenses but before Capital
Allowances and losses " in form 11 regarding rented property ?
I'm slightly confused
Rent is 7000
Expenses are 1000
Interest on Mortagage relief 3,500
So is it:
Rent
minus expenses
minus mortgage relief
@41% = thay I owe revenue
So should I enter the amount above 2,500 in the "Amount of income after expenses but before Capital Allowances and losses"


Ive read their help leaflets and they're quite good but Im not 100% sure if its there I should be putting this .

Thanks for any help .

Glenbhoy

princefan wrote: »

Hi all ,
Hope I'm posting to right forum .

What exactly is -
"Amount of income after expenses but before Capital
Allowances and losses " in form 11 regarding rented property ?
I'm slightly confused
Rent is 7000
Expenses are 1000
Interest on Mortagage relief 3,500
So is it:
Rent
minus expenses
minus mortgage relief
@41% = thay I owe revenue
So should I enter the amount above 2,500 in the "Amount of income after expenses but before Capital Allowances and losses"


Ive read their help leaflets and they're quite good but Im not 100% sure if its there I should be putting this .

Thanks for any help .

I think you may need someone to take a look at this for you, basically:
Rent is total rental income.
Expenses are allowable expenses which pertain to the year in question, for example PRTB fee, possibly some minor repairs etc.
Interest is the total of all the interest charged on the mortgage for the property - i think you're confusing the issue a little, just add up (or it may even say on the bottom of your mortgage statement) the interest element of your repayments. This is all an allowable deduction (the rights and wrongs of that are another matter, but that's for another thread;))
Capital allowances are a charge based on the value of 'capital' expenditure on your property, these will include furniture, large repair jobs and so on. As these types of expenditures are long lasting they are allocated to your profit and loss over the perceived period before this expenditure is required again, I think it's 12.5% p.a. but I can't remember off hand. Losses are another function of this. I'm sorry if this is over complicated, but that's why ot may be best to have someone have a look at this for you, an accounting trainee might be a cheap option.

princefan

Thanks very much glenbhoy .