When do we do tax return?

KarenStew88

Hi,

A questions for all of you monesavngexperts. We let out our sons house last year and registered to pay tax. I thought they would send us a letter or form to fill in when April 5 went. Do we have to get the forms ourselves or do HMRC send it to us? How quickly do we have to pay the tax coz I'd rather wait a few months to find the money first!

Karen x

anselld

If it is your sons house then he is the one who needs to register and pay tax.

KarenStew88

anselld wrote: »

If it is your sons house then he is the one who needs to register and pay tax.

Soz, no we own it. He just lived there and we refer to it has his house! We own it and therefore we need to pay the tax.

Thanks.

anselld

OK I see. So if you first rented it out since 6th April 2014 then you can complete a self assessment tax return online any time between now and end Jan 2016. You will be submitting property income for the year 6th April 2014 ( or whenever you started) up to 5th April 2015. You have until Jan 2016 to pay any tax due.

Sign up for self assessment via Government Gateway. It is much easier to file online than on paper.

agrinnall

HMRC should send you a letter requiring you to complete SA, my mum's came last week so I guess yours could be on the way.

*~Zephyr~*

HMRC don't give you the option to fill out paper forms anymore. It's online or else now.

Sign up asap and get the return done now. You then have until 31st January to save up and pay it. Bear in mind though, that if your tax bill is more than £2k they might ask you to pay in advance for next year too.

Lesson learned - DON'T spend all the rent you receive when you receive it - put at least 20% of it away each month into a savings account towards your tax bill.