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Renting and tax to pay
JC2005
Posts: 42 Forumite
in Cutting tax
Hi,
I've got a house that I have been trying to rent out since just before Christmas. My agent has said that she is in the process of now getting someone in ( not guaranteed still got forms and checks to do ). I was wondering if I have to contact the Tax office now to pay any tax due. I have spent more in the last year than I could possibly earn before April. Cheers for any advice.
I've got a house that I have been trying to rent out since just before Christmas. My agent has said that she is in the process of now getting someone in ( not guaranteed still got forms and checks to do ). I was wondering if I have to contact the Tax office now to pay any tax due. I have spent more in the last year than I could possibly earn before April. Cheers for any advice.
0
Comments
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You have to register with HMRC for a Self Assessment Tax Return.
Any rent you earn between now and the end of this tax year (5th April 2012) will need to go on your self assessment form to be submitted by 31st January 2013. SO you have plenty of time.
You can register now if you like, or wait until later on in the year. The latest you can register is by 5 October 2012.You had me at your proper use of "you're".0 -
If this is a first rental some of the things you have paid for may not be tax deductible. read the HMRC instructions.0
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If you are renting-out furnished you can claim 10% for wear and tear as an alternative.
How are you handling the deposit?0
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