Self assessment for rental income

sclare

Sorry to confuse people. The story behind this is far too long and complex to tell and involves legal proceedings that mean that although it's now in my name, it still has to be sold to meet some of the debt she left. But yes, that's a whole other story that is in my solicitors' hands. 

In the short term, I have rent to declare to HMRC.

WindfallWendy

I was in exactly this situation.

Dad died, leaving a property he loved in and a property that had tenants. 

I had a nightmare on the tax return situation as Dad hadn't done his tax return for the tax year before he died (he still had a couple of months so hadn't missed the deadline, just hadn't got around to doing it) so I had to do 4 tax returns:
1) Dads last full year of tax return
2) A partial tax return on behalf of him from 6th April to the day he died.
3) A tax return covering the income to the estate during the "executor period" (I can't remember if I had to split this by tax year or if this was allowed as a bespoke period in the circumstances - pretty sure it was a hard copy return they sent to me as I couldn't do an online one until I'd officially inherited the property)
4) And then my own personal tax return each year until I managed to sell it.

The rental income went to the Estate. So as Executor I was able to access those funds for some of the expenses of the estate (bills, maintenance) before being able to settle the estate and take on the role of landlord officially. 

But yeah - landlord insurance was a pain. Luckily my tenants were lovely and understanding and then bought the house so all things considered I was quite lucky.

WindfallWendy

sclare said:

Sorry to confuse people. The story behind this is far too long and complex to tell and involves legal proceedings that mean that although it's now in my name, it still has to be sold to meet some of the debt she left. But yes, that's a whole other story that is in my solicitors' hands. 

In the short term, I have rent to declare to HMRC.

If you are only worried about the post-executive period, I just reported the income, claimed the £1000 rental income relief, and got all my income/tax/pension info from my payslips. 

It was super simple.

35har1old

sclare said:

This is my first year of being an (unwilling) landlord, and will soon need to fill out the self assessment form. Until now I have been PAYE with my pensions and savings interest my only income. How onerous is the online form, and will I need to work out all the total amounts of income to fill it in, or will they already have those, so I'll only need the rental income and expenditure to hand?

There's pages and pages to go through and savings questions can be answered but I think it's not a requirement may be wrong 
Pensions page as well

km1500

From memory you just need to report the income and outgoings for the tax year by filling in 3 or 4 boxes

Income would be rent, outgoings would be things like agents charges, maintenance charges, repairs, insurance, gas safety  deposit protection costs etc etc

FlorayG

I'm in my 3rd year as a landlord. I got very panicky about the form at the end of my first year but when you get to the end of it, there's a page that repeats everything you have entered and asks you if everything is correct. It's really not difficult, just long-winded and you have to read every question and it's explanation.
If you are also employed, you can't do the self-assessment form until you have your P60 for the previous year