geordie100 Posted January 11, 2009 Report Share Posted January 11, 2009 I started renting out a property in November and as the end of Jan tax deadline is looming i'm guessing that i need to fill in a tax return for my income from this rented property. Is this correct? Is there a particular form to fill in, or is it the normal 'self-assesment' form. Any help will be appreciated. p.s. i have never informed HMRC of this property, is there legislation governing time limits, the same as a trading business? I believe it is a month in the case of a business.. Thanks Link to comment Share on other sites More sharing options...
Preston Posted January 11, 2009 Report Share Posted January 11, 2009 Hi Tax returns being done at the moment relate to the 200/08 financial year, so if you only started renting in November, you dont need to worry just yet. To get the relevant forms, just ring the tax office and ask them to send you the relevant forms in the new financial year. Preston Link to comment Share on other sites More sharing options...
geordie100 Posted January 11, 2009 Author Report Share Posted January 11, 2009 Hi Tax returns being done at the moment relate to the 200/08 financial year, so if you only started renting in November, you dont need to worry just yet. To get the relevant forms, just ring the tax office and ask them to send you the relevant forms in the new financial year. Preston Surely as i started renting it out in Nov 2008, i'm liable to pay tax for the last 3 months (Nov - Jan) or is that not the case? Excuse my naivity lol Link to comment Share on other sites More sharing options...
gbbmotors Posted January 11, 2009 Report Share Posted January 11, 2009 Surely as i started renting it out in Nov 2008, i'm liable to pay tax for the last 3 months (Nov - Jan) or is that not the case? Excuse my naivity lol You can register and apply for a self assessment tax return form in April 2009 this will need to be completed by Oct 31st 2009. I'm in a similiar situation and this was what I was told. Link to comment Share on other sites More sharing options...
Reg Posted January 11, 2009 Report Share Posted January 11, 2009 As Preston said, we currently in the tax year 06 April 2008, which doesn't end until 5 April 2009. By renting your property from Nov 2008, you are still in the current tax year which does not end until 05 April 2009. So no need to worry, ring up tax office after 05 April 2009, then you can fill out your tax return (remembering to offset all your expenses). I submit my tax return online which is easy to do, once you are sent your password From HM Customs and Revenue. Link to comment Share on other sites More sharing options...
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