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bigduckontax
bigduckontax, Accountant
Category: Tax
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I need some advice on self assesment. I have rental properties

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Hi
I need some advice on self assesment. I have rental properties where i receive rents.My accountants have filled in my S Assesment based on the assumption my rental is 3365 but I actually received £1500. They are adamant that tax is payable on "Rental income is taxable of the amounts that are due rather than received, so despite you only receiving £1,500 the full amount is taxable and your 2015 tax return is correct".
My argument is how can I pay tax on 3365 where I only got 1500.
Can you advise?
k rgds
Sudesh
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello Sudesh, I am Keith, one of the experts on Just Answer and pleased to be able to help you with your question. I suggest that you draw your accountants to Gov UKs own web site where it clearly states that in respect of property rental: ' You or your company must pay tax on the profit you make from renting out the property, after deductions for ‘allowable expenses’.' Your accountant does not appear of the realities of the situation. I cannot agree with his interpretation and would ask him to provide the statutory authority for his contention. Where, of course a rental, has been deliberately depressed for private reasons eg to accommodate a relative or friend he may, and only may, be correct. Only GBP 1500 need be declared.
Customer: replied 1 year ago.
Thanks Keith,I even took this up with HMRC and explained exactly the scenario and they did not mention in any event what my accountants are so adamant about. it's just they have submitted my S A online and I cannot amend any features on my S A .
Expert:  bigduckontax replied 1 year ago.
Then don't pay your accountants until they have unscrambled the mess of their own making and report their incompetence to their professional institute if they have one.
bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 1 year ago.
Thank you for your support.

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