Tax Return for landlord

Printer

Hi

I am a landlord and have to fill in my first tax return. I started renting out my property in August.

I'm sure its not as scary as i think but i am trying to inform the inland revenue that i problably need to fill in a short form (i really dont hardly any profit buts paying for itself), and ihave a few questions that i hope you can help with?

How do i contact them as i can't find any useful phone numbers? I'm in Suffolk/Cambs area.

Also how do i get a copy of the short tax return so i can have a look at it before i have to fill it in?

If the return date is 31st Jan 2010 (i think) When do my records have to actually run up to? Is december inclusive okay?

Thanks All

P.

N79

If you only started renting the property out in Aug 2009 then your first tax return is not due until Jan 2011.

All contact details are available and www.hmrc.gov.uk including the very helpful guide for LLs.

sunshinetours

As N79 has said your first return to include rental will be due by January 2011 and this will be for the tax year to 5/4/2010.

Your rental income and expenses should be recorded covering tax years (ie upto 5/4 each year)

So you may wish to find out if you still need to do a tax return for 2008/09 which is the one that is due by Jan 2010

Do however make sure you are registered online with government gateway and get all your codes sorted for self assessment online as you do have to wait for a postal letter with a code

N79

sunshinetours wrote: »

Do however make sure you are registered online with government gateway and get all your codes sorted for self assessment online as you do have to wait for a postal letter with a code

Indeed do check that you can file online in good time becuase otherwise the deadline will be earlier. This year the paper deadline was end of Oct, last year it was end of Sept.

Printer

Thanks all.

I phoned the tax guys this morning and they said i will have to complete a tax return for 2011.

They are going to send me out a form to fill in so they have my details and can send me the relavent forms for next year.

Thanks for the help. I need to make sure i have all of my documents in order so that its easy next year.

Is it worth completing my own records on a monthly basis to keep things clear, or is this no help to me when completing the short tax return?

MaryMay

I recommend you get a box file and anything you pay out or buy/renew for your property keep the receipt in this box, this makes life much easier when its time to complete your tax form. Remember fuel/travel expenses for your 6 monthly visit.Its amazing how you can lose receipts, every little counts these days. Hope all goes well for you.
You will also need to decide when its tax form time whether you are going to claim expenses for it (if you have any) or claim 10% wear and tear. I am sure someone on here will have a different view but I use the expenses route as I try to update something each year in the property, carpet, fridge, all manner of things its amazing how things add up.

theartfullodger

or claim 10% wear and tear.

- only for furnished properties...unfurnished you claim other costs.

Oh, and remember you can claim at least £2/wk for space in your home for doing the admin etc.

Go but a book on saving tax (there are at least 9 taxes a Landlord can be liable for) - go to Amazon & look up "Carl Bayley" (not me!)

Cheers!

Lodger

PS The rules on what you can claim may change by 5th April 2010, given the state the old country is in...