Advice wanted

hardtimes

My wife and I bought 3 properties in 2007 with the intention of selling,however with the state of the housing market they are unable to be sold. We are going to rent them out,we have rented one out from Feb.2010 and the other two will be rented by the end of the year hopefully.

We are both paye and wonder what we do now regarding tax, how and when do we let HMRC know about this income,and do we have an amount before paying tax on this income.

Sorry if this has been asked elsewhere!

CLAPTON

you need to register for self assesment as you may need to pay tax for 2009-10
if you want to do a a paper return you only have until the end of october but if you want to do it onlline the you have until jan 2011

try

http://www.hmrc.gov.uk/sa/introduction.htm

keith1950

Hi, do you both already pay tax on your employment , if so , then yes , your rental income is fully taxable and as previously stated, you need to complete a self assessment. If you don't pay tax on your other income then you need to contact HMRC so they can re-allocate part of your tax free allowance to take your rental income into account , you will also then need to complete a self assessment at end of tax year.