Flat rental - when is self assessment due?

greenjellybean

Any advice gratefully received.
I got a BTL mortgage on my flat and rented it out from August 2012. Am I right in thinking I need to file an online tax return in January 2013? I haven't told HMRC that I am renting the flat out - am I late in doing this?

From my initial sums, it looks like I have an annual profit of £2,585 but this is putting the whole mortgage repayment against the income. I understand I can only claim the interest - I am on a repayment mortgage so how can I find out how much of my repayments is interest and how much is capital? Do I wait until I get a statement and do my accounts then?

So many questions and I can't find a site that tells a newbie how these things work.
Many thanks

G_M

for the year ended April 2012, you need to file either

* 31st Oct 2013 - paper return

* 31st Jan 2014 - online return

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

benjus

G_M wrote: »

for the year ended April 2012, you need to file either

* 31st Oct 2013 - paper return

* 31st Jan 2014 - online return

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

I think you mean the year ended April 2013...

tim123456789

greenjellybean wrote: »

Any advice gratefully received.
I got a BTL mortgage on my flat and rented it out from August 2012. Am I right in thinking I need to file an online tax return in January 2013? I haven't told HMRC that I am renting the flat out - am I late in doing this?

From my initial sums, it looks like I have an annual profit of £2,585 but this is putting the whole mortgage repayment against the income. I understand I can only claim the interest - I am on a repayment mortgage so how can I find out how much of my repayments is interest and how much is capital? Do I wait until I get a statement and do my accounts then?

Your mortgage statement will tell you

If this really (really) hasn't arrived before the deadline for filing you can "guess" the amount and correct it later, ticking the box that asks if any of the figures are provisional (or whatever it actually says). This way you will avoid getting a fine (though may have to pay interest if your guess is wildly out)

tim

G_M

benjus wrote: »

I think you mean the year ended April 2013...

Yup! :beer:

Confused by OP saying

I need to file an online tax return in January 2013?

present tense, denoting future action, but referring to a past date!

I think OP quoted wrong year so it is unclear...

greenjellybean

Sorry, yes hands up - my error! :eek: I take full responsibility. I meant Jan 2014. Thank you!