UK Self Assessment

I know this isn't Spanish tax related (well indirectly it is), but is anyone on here filling out the self assessment form because of owning a property abroad? I ask because I have been looking at the SA106 for overseas investments and have seen that some of the tax paid in Spain can be reclaimed in the UK, as well as some "operating" expenses.

I have never filled out a tax return before, so will the year 2007/ 2008 be payable later this year or next year? I suppose I have to contact my local HMRC office for the form in the first place. Finally, as both my Wife and I own the property, do we both have to fill out the self assessment or can it be done by one only? I ask because at the moment, 'er indoors has bucket loads of overtime and we don't want to put her in another tax bracket. Myself on the other hand, well it seems I am just the hired help at the moment .

Thanks for any help.

Mark

Not more forms to fill in, Mark ? Download here >> http://www.hmrc.gov.uk/forms/sa106.pdf Helpsheet at http://www.hmrc.gov.uk/worksheets/sa106-notes.pdf

My OH is just wading through his forms that came from the tax office as he's newly retired. Fortunately, he had a letter a couple of weeks ago from The Pensions lot. (They'd not been able to pay his pension into our bank & it turned out they were putting the wrong sort code on the payments). There was an email address on so he communicated by email. A reply came straight back from a certain Diana Ross. She's helped him on other things so yes, definitely SUPREME.

Thanks More, I have those documents already. I'm just a confused being a virgin at this self assessment lark and don't really know where to start . I want to try and be efficicent and get it done and dusted, out of the way.

Mark

Hi Mark. Yes, I recall previous posts by you, I posted links for others actually.

Hi Mark

Tax payable for 2007/2008 tax year is payable by 31st January 2009. You can submit your tax return as soon as it's ready and then they will send you a payment demand about mid-december 2008 ready for your payment. You won't benefit by paying early so you may as well keep the money in your account, however if you are due a refund, they will pay you as soon as they have processed your tax return, they don't wait until Jan 2009. I used to have a refund each year and so got my tax returns in by June and usually had the repayment by end August.

As far as I am aware if you jointly own an invemstment property you are charged tax 50/50 on any net rental income and any allowances are shared 50/50 (that's how we used to have to process it for our overseas landlords who had properties in the UK).

Hi There

Just checking what forms would need to be filled in on the UK Tax return for income received for renting out property abroad.  The income will be from friends/family so will be received in the UK not Spain.  Presumably if this is the case what would be the best way to go about it in Spain does anyone know if  we just pay the La Renta tax? If so is this deducted from the income received for rental of the overseas property  in the uk?

Many thanks for help with this.