Self Assessment form new landlord

Dandelion66

I'm about to start renting my house and I've been completing all the necessary jobs/forms etc, but I'm still a little confused with the self assessment form for paying tax. Is the tax paid for the year after? ie If I start renting in April 2013 (for tax year 2013/14), when will I need to fill in the online form? Is it by Jan 2014 or Jan 2015? Because if I fill it in Jan 2014, I won't be able to accurately deduct tax allowances accumulated in the same tax year 2013-14.

Sorry for probably sounding stupid, but I'm new to this and would appreciate the help from people who I'm sure have been through something similar. I'd just like to be prepared. :-)

Tixy

Your first SA tax return would be due by Jan 15.

tim123456789

For the first year you will pay in arrears.

For future years you will be assessed a lump sum that you need to pay in advance, so when you SA in Jan 2015 for TY 2013-2014 you will have to pay immediately, all of the tax due for 2013-2014 plus half as much again on account for 2014-2015 with the second half due IIRC April 2015.

hjd

tim123456789 wrote: »

For the first year you will pay in arrears.

For future years you will be assessed a lump sum that you need to pay in advance, so when you SA in Jan 2015 for TY 2013-2014 you will have to pay immediately, all of the tax due for 2013-2014 plus half as much again on account for 2014-2015 with the second half due IIRC April 2015.

Second instalment due by 31 July 2015.