General (main property discussion here) - Tax Returns

Hi all, a while back I decided to day-to-day manage a couple of BTL myself since i live round the corner anyway. Whilst they we fully managed by a local letting agent I paid 10% + VAT every month although they had to do very little, which was the main reason for self-managing. Am I allowed to claim back anything for tax purposes for having to manage the property (not including costs any specific materials for repairs) i.e. for the time (labour) I might be spending at the properties Raj

Raj,

Unfortunately we cannot claim back for our time spent dealing with our portfolios.

Andy

Nice try Raj!

My accountant laughed at me when I suggested this. I still maintain it should be allowed as it is your time after all....

What Andy said is 100% correct and goes for any property work you yourslef do whatsoever..... What is claimable, is the materials. Of course if a tradesman does the work its 100% claimable.

Regards, Malik

Hi Andy and Malik, thanks for yor responses. It seems a bit unfair but if thats the way it is better plod along

If you have a teenage child, they will have a tax allowance of around 5K use this.

Example you pay them to manage your houses. EASY! and legal.

What an excellent idea Alex: from what age can this be done legally? I ask this because of course it can be deemed to be a little more than a couple of quid for a paper round...

Regards, Malik

Alex, not clear. I have 2 teenage children but not sure how you can do this i.e. if I was using a letting agent and the inland revenue wanted to see receipts that would be possible. Not sure how this would be possible with my kids. If its really true does this mean I can use up 10K tax allowance