Declaring earning from renting our property

madeleinesmith455

I've been renting out my flat since moving in with my boyfriend in September 2015. I don't make a great deal of profit but I think I need to declare it and pay tax on it.

I've made an account on gov.co.uk which lets me see my tax code, etc but it doesn't seem to let me declare my earning on my flat.

How do I go about paying this tax? Does it take a long time to do a tax return? I'm a bit lost! The gov website is rather useless!

Bluebirdman_of_Alcathays

https://www.gov.uk/self-assessment-tax-returns


I think that is pretty clear tbh. Don't forget, you cannot claim all of your mortgage as an allowable cost (unless you have an interest only mortgage). It could well be that your profit, and hence your tax bill, will be higher than you think.

Cook_County

And you have to use GAAP to figure your profit on an accrual method...

madeleinesmith455

I'm not finding it that straight forward really.
The gov website says I need to log in to them to file a self assessment, but when I've logged in it doesn't give me any option to do the tax return. Then it says I need to sign in to Government gateway site but to do that I need a Unique Taxpayers Reference, but I don't have one of those because I have never done a self assessment before.

Honestly, it's like they want you to give up so they can fine you for not paying your tax.

madeleinesmith455

I'm not finding it that straight forward really.
The gov website says I need to log in to them to file a self assessment, but when I've logged in it doesn't give me any option to do the tax return. Then it says I need to sign in to Government gateway site but to do that I need a Unique Taxpayers Reference, but I don't have one of those because I have never done a self assessment before.

Honestly, it's like they want you to give up so they can fine you for not paying your tax.

Brighty

madeleinesmith455 wrote: »

I'm not finding it that straight forward really.
The gov website says I need to log in to them to file a self assessment, but when I've logged in it doesn't give me any option to do the tax return. Then it says I need to sign in to Government gateway site but to do that I need a Unique Taxpayers Reference, but I don't have one of those because I have never done a self assessment before.

Honestly, it's like they want you to give up so they can fine you for not paying your tax.

https://myaccount.gateway.gov.uk/Pages/Registration/RegisterWithUserId.aspx

Brighty

madeleinesmith455

Thank you so much for the link, I appreciate you taking the time to post that for me.
But they are still asking me to provide the UTR which I simply don't have :-(

booksurr

madeleinesmith455 wrote: »

I'm not finding it that straight forward really.
The gov website says I need to log in to them to file a self assessment, but when I've logged in it doesn't give me any option to do the tax return. Then it says I need to sign in to Government gateway site but to do that I need a Unique Taxpayers Reference, but I don't have one of those because I have never done a self assessment before.

Honestly, it's like they want you to give up so they can fine you for not paying your tax.

so you are a first time self assesment person, therefore:
1. you need to register to get a UTR
2. you will be sent a UTR in the post by snail mail (there is no online option for security reasons)
3. you log in using your UTR and "enrol" for SA
4. having enrolled you will then be sent a completely separate "activation code" (again by snail mail) which you must use to actually log into the tax return system.
You cannot do step 4 until you complete step 3

you need to have at least initiated registration by 5th October....

read this: https://www.gov.uk/log-in-file-self-assessment-tax-return/register-if-youre-not-self-employed

madeleinesmith455

Arg! So I'm too late then! Will they give me a heavy fine for being late?? I thought I had until 31st Jan to sort everything and that I was being prompt.

I think they will have sent the UTR to my old address as I haven't updated it in years. So I'm screwed basically.

TheCyclingProgrammer

madeleinesmith455 wrote: »

Arg! So I'm too late then! Will they give me a heavy fine for being late?? I thought I had until 31st Jan to sort everything and that I was being prompt.

I think they will have sent the UTR to my old address as I haven't updated it in years. So I'm screwed basically.

You won't be fined to being late to register so long as the return is filed online by 31 Jan.

If you think the UTR has gone to the wrong address give HMRC a call.

[Deleted User]

madeleinesmith455 wrote: »

Arg! So I'm too late then! Will they give me a heavy fine for being late?? I thought I had until 31st Jan to sort everything and that I was being prompt.

I think they will have sent the UTR to my old address as I haven't updated it in years. So I'm screwed basically.

But you haven't registered for a UTR yet? Read booksurr's post again.