Help-first time for me on property rental tax SA

loobiej1

Hi

Im hoping some of you lovely people will be able to help me with property rental tax / Self assesment.

Last year we decided to move house but due to the market decided to rent the property out with consent to let from Nationwide.

The 2nd April 2013 was when i received our first rental income from tenants, a few weeks ago i contacted HMRC and registered and today received an automated email saying the SA1 form has been processed and i should receive tax payer reference in next 10 days, i was concerned that the deadline in 31/01 and i may not get it in time,so called them today, the lady said "due to the rental income only starting 3 days before end of tax year i may not need to do anything but she couldn't guarantee that, she said she would message the department and ask if they could send me something out in writing if this was the case.
I just wondered if anyone else has been in this situation, or if anyone could offer me any further advice.
Thank you for your help.

xx

Dave_the_Ginger_Cat

Not helpful for you this time, but for future times or other users - sometimes it is worth changing the dates on which transactions take place to suit taxation. I frequently have tenancies which run on the 6th of each month

loobiej1

That make sense, thank you for your reply

Dave_the_Ginger_Cat

Two other things to bear in mind

1) It is sometimes advantageous to have things in previous years - if this is your sole income, it helps to spread it out

2) If you don't get a tax return til now (ish), you get three months to do it, you are not bound by the 31st Jan

purdyoaten

Dave_the_Ginger_Cat wrote: »

Two other things to bear in mind

1) It is sometimes advantageous to have things in previous years - if this is your sole income, it helps to spread it out

Not sure about this - you are not suggesting that income received in one year couild be 'moved' to another year?

Dave_the_Ginger_Cat

purdyoaten wrote: »

Not sure about this - you are not suggesting that income received in one year couild be 'moved' to another year?

Absolutely not, but if it's true (ie received on the 3rd April), this one could be filed in 2012-2013, and subseuqent revenue filed in 2013-2014.

What I'm suggesting is to try to make things happen on dates that suit you, and to optimise each year's tax allowance