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when do i need to self assess?
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Chris_P_2
Posts: 194 Forumite
in Cutting tax
If i start renting out a property i am about to inherit, i will have to self assess and apy tax on my net rent income.
But exactly when do i need to file a return and what dates affect me for the first and second payment on account? All the indo i find doesnt mention my situation. thanks
But exactly when do i need to file a return and what dates affect me for the first and second payment on account? All the indo i find doesnt mention my situation. thanks
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if you rent out after 6th april 2011 then you need to fill a self assessment after 6th april 2012 and before 31 Jan 2013
you will be required to pay the full amount of tax owed by 31 jan 2013 also0 -
OK, so my first payment of tax would be on 31st Jan 2012, 2nd on 31st July 2012, and any balance on 31st Jan 2013?
And so do i need to do my first return in october this year?0 -
If your first rental payment is between 6 April 11 and 5 April 12:
1. You must notify HMRC of this source by 5 Oct 12.
2. If you file a return on paper that is due by 31 oct 12.
3. If you file online that's due by 31 Jan 13 along with any tax arising.
4. If the tax is over £1,000, you will then be making payments on account for 12-13, starting with 50% of the tax on 31 Jan 13 and then 50% on 31 Jul 13.
5. If so, the 31 Jan 14 payment will then be two elements - a balance up for 12-13 now the return is submitted, plus 50% of the 13-14 bill.
6. And so it goes on.
If your first rental payment was before 6 April 11, move everything in the above post back 12 months.Hideous Muddles from Right Charlies0
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