- Keep receipts for ALL allowable expenses, In practise we find some clients aren’t careful about keeping receipts, This means they have less tax deductible expenses and end up paying more tax.
- Have a system for recording your expenses. It’s very easy to snap a photo of a receipt / invoice using your phones straight into evernote?or wave which will ensure you have all documentation when it comes to tax return time.
- Ensure you’re registered with the PRTB – Regardless of the legal issues of not being registered if you’re not registered you can’t claim relief on interest paid on your mortgage. This could be a significant tax saving.
- Mind your losses – This is an error?I’ve seen numerous times, rental income losses can be rolled forward to future years profits. Keep a schedule of your losses and ensure you are claiming the relief.
- Keep a list of the contents in the property – Wear and tear can be claimed on most of the assets inside the rental property ?but to claim this wear and tear you must have a proper schedule showing purchase price, date of purchase and previous wear and tear claimed.
We can file your rental income tax return from as little as ?200 for further details please contact us on email@example.com