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    • Gam2015
    • By Gam2015 13th Apr 18, 8:37 PM
    • 41Posts
    • 1Thanks
    Gam2015
    Rental income tax
    • #1
    • 13th Apr 18, 8:37 PM
    Rental income tax 13th Apr 18 at 8:37 PM
    My rental income is £4800 per annum before allowable expenses will i have to declare this to HMRC? I only own the one rental property and have an employed job around 28k per annum. Thanks
Page 1
    • 00ec25
    • By 00ec25 13th Apr 18, 8:45 PM
    • 6,992 Posts
    • 6,661 Thanks
    00ec25
    • #2
    • 13th Apr 18, 8:45 PM
    • #2
    • 13th Apr 18, 8:45 PM
    how come you have got that far without finding out?

    of course you have to declare your PROFIT and pay tax on it, that is why there are whole books devoted to how to calculate and pay tax on letting income

    on that level of income you need to register for a tax return before 5 October 2018

    Declaring unpaid tax
    You can declare unpaid tax by telling HMRC about rental income from previous years. If you have to pay a penalty it'll be lower than if HMRC find out about the income themselves.

    You'll be given a disclosure reference number. You then have 3 months to work out what you owe and pay it.
    • shirlgirl2004
    • By shirlgirl2004 13th Apr 18, 8:45 PM
    • 2,834 Posts
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    shirlgirl2004
    • #3
    • 13th Apr 18, 8:45 PM
    • #3
    • 13th Apr 18, 8:45 PM
    You have to tell HMRC yes.
    • marliepanda
    • By marliepanda 13th Apr 18, 8:47 PM
    • 6,576 Posts
    • 14,142 Thanks
    marliepanda
    • #4
    • 13th Apr 18, 8:47 PM
    • #4
    • 13th Apr 18, 8:47 PM
    My rental income is £4800 per annum before allowable expenses will i have to declare this to HMRC? I only own the one rental property and have an employed job around 28k per annum. Thanks
    Originally posted by Gam2015
    No. HMRC donít care about that money if you only have one rental property. Itís as if it doesnít exist.


    Seriously though of course you have to declare it. Why wouldnít you?!
    • shirlgirl2004
    • By shirlgirl2004 13th Apr 18, 8:59 PM
    • 2,834 Posts
    • 4,514 Thanks
    shirlgirl2004
    • #5
    • 13th Apr 18, 8:59 PM
    • #5
    • 13th Apr 18, 8:59 PM
    The rules are different if you only have one rental property, it depends on what the profit is. Regardless you need to tell HMRC even if there's no tax to pay.

    https://www.gov.uk/renting-out-a-property/paying-tax
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