Tax returns

Engeroosi

I have been renting out my flat for 2 years now. it is still under a normal mortgage as it wasn't bought as a buy to let. I haven't made profit on the rent at all it's barely covered my costs. I have never filled out any tax forms etc. What is the best thing for me to do now?

poppysarah

Do you have landlord insurance? Your mortgage company will not be happy with you when they find out.
Do you have the gas safety checks done? Do you protect your tenant's deposit?

You're probably not very late filling in a tax return.

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/TaxOnPropertyAndRentalIncome/DG_4017814

Engeroosi

I have landlords insurance, I have informed my bank already, I have gas safety certificate, and I protect the tenants deposit.

00ec25

Engeroosi wrote: »

I have never filled out any tax forms etc. What is the best thing for me to do now?

err... DECLARE IT to your tax office
Note you can only claim the interest element not the full repayment, that said, if all your allowable expenses are more that the total gross rent received, then you have made a loss and will not have to pay any tax
But because you are late in filing a tax return, you will incur an automatic penalty, but any further penalities are a % of the tax owed, so if you don't owe tax then all you will get is the £100 (I think) fine for a late return
just get on an do it

read this : http://www.hmrc.gov.uk/manuals/pimmanual/index.htm