Declaring house tax

Liverlad12

Hi, do I need to submit a tax return if I own a house? I have owned it 7 yrs and rented it out. My morgage is approx 600 and my rental in one is 440. I have never received anything from the tax man. I also used to pay the water management at approx 700 per year. Can anyone please give me some basics on what I need to do? Thanks

00ec25

you are certainly required to self declare any untaxed income especially that from property, the fact you have not done so for 7 years is poor and may incur HMRC sanctions, but luckily for you there is an amnesty in place where sanctions are reduced if you make a voluntary declaration - see here
https://www.gov.uk/let-property-campaign

you must calculate your net profit for each tax year ie. gross income - allowable expenses = profit (or loss) and inform HMRC of these figures

note that if your mortgage is a repayment one then you can only claim the interest element not the full amount you pay. If you do not have a breakdown of this you will need to get it from your lender

as for other allowable expenses start here
https://online.hmrc.gov.uk/information/help?helpcategory=selfAssessmentFiling1112&affinitygroup=individual&helpid=PropertyExpenses
and
https://www.gov.uk/renting-out-a-property/paying-tax

have you met other legal obligations of being a LL such as
- deposit registered and proscribed info issued within deadline?
- gas safety certificate (if applic)