I am a newbie to the Community and would welcome advice on how to treat my French Leaseback income wrt UK Tax - I mid-way through tackling the 16/17 online self-assessment.
Are we meant to declare the property to HMRC as an 'EEA Furnished Holiday Letting' (https://www.gov.uk/government/publications/furnished-holiday-lettings-hs253-self-assessment-helpsheet/hs253-furnished-holiday-lettings-2017) and is there any benefit in doing so?
If the property is treated as a normal 'buy to let', what expenses are admissable? The purchase fees (eg legal, mortgage)? When I was renting a property in the UK I used to be able to claim mileage and expenses for a property insepction visit every 6-months. It that still possible? As this is for 16/17 I believe the interest on mortgage is still admissable - but I believe not for future years. Can you still claim the 10% depreciation on furniture/fittings - eg the 'furniture pack' we were forced to buy. If most of these are allowed, then in the first FY I probably have a lot more outgoings than income.......but next FY (and onwards) clearly that is not the case. Can the 'expenses' from the first year be rolled on to other FYs to reduce liability?
As I said - newbie so apologies if muppet questions.