New to renting

faz_fuzz

Hi All,
I have just started to rent out my house. I have "concent to let" from the bank, which is in place and a tenant moved in today.
I know I am supose to pay tax as this is classed as an income but I dont know where to start? Ive read some things on the HMRC but still unsure where to start?
Any help would be greatly appreciated!

Loopgames

You need self assessment forms. Register with hmrc through their site also enrol on some of their simple workshops is you want to get accurate answers to your situation.

G_M

Oh my god! I hope you've sorted out all the other things you should have done?

see here....

http://forums.moneysavingexpert.com/showpost.php?p=41160642&postcount=12

Oh - yeah, the tax. You'll need to do an annual tax return decalaring your rental income.

You can offset certain expenses so may or may not actually have to pay tax, but you MUST declare the income.

tbs624

Welcome as a newbie poster

Google "HMRC" and "Property Income Manual (PIM)" plus form SA105 and related help pages.

If the let has only just begun then your tax return for 6Apr 2012 - 5 April 2013 will need to be with HMRC by Oct 31 2013 (paper) or by Jan 31 2014 (online) but you should register with them straight away.

HMRC staff *can* be quite helpful so ask them about anything you are unsure of after trawling through the relevant pages.

Good to read that you sought and obtained consent to let from your lender

Do take the time to look at the links in G_M's post.

faz_fuzz

Thanks for all the helpful information.
I have sorted all other things out before tenent moved in just wasnt sure about the tax, think it will be a learning curve!
Im sure ill post again when i get stuck!
Thanks