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Self Tax New Rental Property
spluff
Posts: 186 Forumite
I bought a flat in August and currently renting it out.
I was wondering if I need to register for self assessment tax this year (before Oct 5th) or next year?
If its this year will I just need to fill in the tax received until 5th Oct this year?
Thanks for helping
I was wondering if I need to register for self assessment tax this year (before Oct 5th) or next year?
If its this year will I just need to fill in the tax received until 5th Oct this year?
Thanks for helping
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Comments
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Tax year runs from April to March - so you'll need to register for tax received from August 23 - March 24.
As an aside - have you read any of the guides about being a landlord - it's a lot more that just collecting money and paying tax....
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Thank you for your advice - I have read a lot of information and guides about this . I was just confused by the terminology if I had to register this year or do it next year. I want to make sure i do everything correct.
I get the rent paid in 6months chunks can i just divide that down into 8 months or would I have to declare the 12 months rent received even if it covers extra months after tax is due?
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Maybe an accountant would be a good idea 💡0
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An accountant will pay dividnds.Yes this is a moneysaving site, but often paying out can save you money....0
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Was hoping to save money on that but it is a good idea and maybe in future years if i know what was sent i could understand better and do it myself?
Is there accountants online you would recommend or would it be best to get a local one?
Do i need to self register if using accountant?0 -
The tax year in the UK is from 6th April to 5th April, not April to March.DE_612183 said:Tax year runs from April to March - so you'll need to register for tax received from August 23 - March 24.0 -
Why do you get the rent paid in 6 month chunks? Please tell me you haven’t created a tenancy with rental periods that are 6 months long.spluff said:Thank you for your advice - I have read a lot of information and guides about this . I was just confused by the terminology if I had to register this year or do it next year. I want to make sure i do everything correct.
I get the rent paid in 6months chunks can i just divide that down into 8 months or would I have to declare the 12 months rent received even if it covers extra months after tax is due?0
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