registering for Self Assessment

super786

Hi,

Hi, I have started renting a property out from 12th April 2010 and just recently asked Tax office to register for the Self Assessment.

I have read somewhere that as long as I am registered for the SA by the end of financial year 05/04/11 I will not be late - is that right?

I cannot find anything on HMRC website.

Just making sure that I am not late in registering for SA now?

Thanks
S786

Mudd14

Have you resgistered as a sole trader when you started trading? This should be withing 3 months of trading.

Registering online for a SA for the year 10/11 can be done between now and January 2012 for your return in Jan 2012

jennifernil

Do you need to register as self employed if you are just renting out a property?

Registering as SE is a different thing from registering to complete your SA on-line.

super786

Thanks for the reply.

No not registering for self employed. I am currently full time PAYE employed.

Only have 1 property which I have rented out and only need to register for self assessment to pay my 2010/11 tax by 31/12/12.

I'm sure I read somewhere that registration for self assessment needs to be done anytime from the date you rent the property upto the end of that financial year so HMRC can send paper return or notice to file online in time? Cannot find anything for definite answer.


MS

jennifernil

Yes, that was what I thought you meant. ( But you can of course be both employed and self employed.)

Is there formal registration? Or does one just phone HMRC and ask for the forms?

Have you read this?.......

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/TaxOnPropertyAndRentalIncome/DG_10013435


It seems you may need to "register".

super786

I have completed SA1 form obtained from HMRC website. cannot paste the link - not allowed due to new user.

I just wasen't sure how long do I have before I am too late to register.

jennifernil

As you say, there is no info given on dates.

I cannot think that you are too late. The Tax Year does not end until 5th April, and the SA paper forms are not sent out until around/after then. And you have till 31st October to send in a paper return, or till 31st January 2012 if you file on line (and pay what is due).

suso

As long as you have notified HMRC within 6 months from the end of the tax year that the income started in, of your requirement to complete a self assessment form then you are fine.

If you start a business / self employment then you are required to register within 3 months.

so all in all no worries. expect to wait about 4 - 6 weeks for the registration to go through, you'll receive a UTR (unique taxpayers reference) through the post. and a return should be issued out in April.

super786

suso wrote: »

As long as you have notified HMRC within 6 months from the end of the tax year that the income started in, of your requirement to complete a self assessment form then you are fine.

If you start a business / self employment then you are required to register within 3 months.

so all in all no worries. expect to wait about 4 - 6 weeks for the registration to go through, you'll receive a UTR (unique taxpayers reference) through the post. and a return should be issued out in April.

So I started renting the property out from 12/04/10. I should be ok to notify HMRC now? Its still enough time for them to issue utr and tax return.

Burridge60

No substitute for asking an accountant his advice and paying for the privilege of the correct information!

Mine told me that it is a duty of every UK citizen to report to HMRC any income that might be assessable for UK Income Tax even though the expenses of such income could make it zero for tax purposes.

This would apply for a rented property where your BTL mortgage costs, maintenance and rental expenses might render it neutral in terms of profitability.

jennifernil

super786 wrote: »

So I started renting the property out from 12/04/10. I should be ok to notify HMRC now? Its still enough time for them to issue utr and tax return.

Yes, plenty of time, stop worrying!