flat rented out tax question

holly_hobby

You don't need to form a company, simple SA for your rental income is sufficient .... it does sound from your post that some professional one to one guidance is really reqd here .... just until you get the basic hang of things.

Regarding late pens, you'll have to bite the bullet if HMRC won't be flexible - you need to plead ignorance and see how they will apply any penalty, and if they will allow you to spread payment of any pens over an extended timeframe.

Hope this helps

Holly

random44

can i do the declaration for the late return online ?

holly_hobby

http://www.hmrc.gov.uk/sa/index.htm

http://www.hmrc.gov.uk/sa/deadlines-penalties.htm

http://www.hmrc.gov.uk/helpsheets/sa370-notes.pdf

Lots of ref for you to read thorough and familiarise yourself with what you need to do.

And HMRC contact details for you to liaise directly with them ...

http://search2.hmrc.gov.uk/kb5/hmrc/contactus/view.page?record=OILdX1VAnlM

Holly

random44

for whomever is in the same situation as me i called them up and they said i should not expect a fine etc and were very friendly .

i have also found a document which is penalties for late declaration. what i pasted earlier was for late return which is different

the link to the document is

http://www.hmrc.gov.uk/compliance/cc-fs11.pdf

thanks all for your posts

newbie1980

random just ring up hmrc and say u are putting 14 months income into this years SA as you thought it would be more beneficial to do a 14 month period in this SA then a 2 month period then a 12 month period SA
as long as there not loosing out thats the key