Do I need to fill in Self-Assessment?

sheramber

Letting out a flat is not "self employed as a sole trader".
You need to register for self assessment because you are in receipt of income from property.
You need to complete the basic return, the employment pages for you PAYE and property pages for the let property.
Any losses from property income can be carried forward to be set off against future  profits.

dimbo61

So really you need to speak to an accountant and decide with your other half if you want to keep this flat.
Now it's already yours and could be a great long term investment but you need to see if you have enough equity to change to a BTL mortgage.
Are you a higher rate tax payer ?
Is your wife a higher rate tax payer ?
Are you planning on having kids ? ( Wife might be a stay at home Mum or go part time )
You and your Wife can own as tenants in common so she owns say 80/90% and you own 20/10% !!!!

satbav

Thanks all, @sheramber I've now regstered online for self assessment, I'm sure I'll get a phonecall as filling in the form was straightforward for the most part, but a couple of questions i was unsure of. We'll see what they say.

@penners324 I've never moved to BTL as I got the impression you needed a much higher equity in the property to do it. The interest rates also appear to be fairly high anyway. L+C pretty much told me it wasn't an option upon my inital term ending.

Is it still possible, what are the advantages?

dimbo61

I have added on more to my last post.
Please read as could be a good long term investment and tax saving.
A BTL mortgage is normally Interest only so you may make a small profit from running your letting business !
Setting up costs to go onto a BTL mortgage are tax deductible.
Make 100% sure you comply with Everything you have to do as a Landlord