Telling Inland revenue - about your buy to let income ?

Galeeno

When you declare your buy to let property (rented property) as an additional source of income, to the inland revenue,

The person whose property it is is working so is already getting a salary

a) then what details about the property do you have to show?

rent amount?

address of the rented property? (or they dont need this? but how do they identify the property? ....or they dont need to, and just need the rent amount ?)

mortgage amount a month?

any bank statements ?

any contracts ?

what else ?
etc?


b) and what is the procedure to disclose this to the inland revenue

c) and how do they tax you on it?

{an example would be great guys.....lets say the rent is £500 a month, so a math example would be great to follow the answer..}

Housing_Benefit_Officer

I complete a yearly tax return.

Income - minus mortgage - minus expenses = taxable income.

HappyMJ

It a self assessment tax return you show nothing. 3 lines are all that is required as HBO says above. Income minus expenses equal profit. The mortgage expense is the interest part only charged on the account (not the payment you make).

...and it's HMRC not the inland revenue.

Icequeen99

Housing_Benefit_Officer wrote: »

I complete a yearly tax return.

Income - minus mortgage - minus expenses = taxable income.

Hopefully you only deduct the interest part of the mortgage!

IQ