First time landlord tax return confusion?Make Text Bigger
I got permission to let my property in 2018 so that I could do some travelling. I’ve now got the not so fun part of sorting out the taxes for 18/19.
First tenant: I let the property July 2018 until Feb 2019. This was without an agent and I received monthly payments.
Second tenant: Let from Mid March 2019 until March 2020 (I’m moving back in) This payment was paid in full, minus the agent,s fully managed fees, 21/03/19.
So, my question is, how do I approach this? I barely made a profit from the second tenant once all of my house-related fees are deducted, but obviously the income falls right at the end of the financial tax year.
I’m not sure if it makes a difference, but I received my last ‘decent’ salary from an employer in Jan 2018, then freelanced Feb 2018 – June 18, then didn’t earn anything as I was travelling.
I’m wanting to do this without an accountant as every penny counts right now. If someone can help (in layman terms) that’d be greatly appreciated.
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