plym77 Posted July 25, 2006 Report Share Posted July 25, 2006 Hi all You may or may not have come across my general answers to posts within this forum relating to tax queries in connection with rental properties. I thought it would be an ideal opportunity to formally introduce myself. My name is Sherena Glanton and I am a Chartered Tax Adviser with a National Accountancy firm, namely Horwath Clark Whitehill LLP. My colleagues and I advise both private clients and businesses on tax related and other financial issues. You can find our details in the selected suppliers section of this website, under Accountancy. The reason I am writing this post is that it is sometimes not clear from a topic title that a post relates to accounting or taxation queries and so it is possible that I sometimes miss your query. It would be helpful if you have a general tax query that you continue to open a new post, but also post on this thread the topic name of your query so that I find it easier to locate. In addition to the general information I provide on this forum, I can offer competitive rates for more specific tax advice, or the preparation of self-assessment tax returns. Should this be of interest to you, please email me: sherena.glanton@horwath.co.uk I hope to help some of you in the future. Kind regards Sherena Glanton CTA Link to comment Share on other sites More sharing options...
plym77 Posted July 26, 2006 Author Report Share Posted July 26, 2006 Can I also add that by adding a post to this topic, I will receive an email alert which will inform me that someone has a query. Thanks Sherena Link to comment Share on other sites More sharing options...
Whitey Posted July 26, 2006 Report Share Posted July 26, 2006 Hello Sherena Can you advise me on the following: How and when do I need to advise the IR that I am renting out a property? I am hoping that the property in question will be rented out within the next 2 weeks. Also, what will the IR ask for in terms of paperwork, if any? Thanks very much Alex Link to comment Share on other sites More sharing options...
plym77 Posted July 26, 2006 Author Report Share Posted July 26, 2006 Hi Whitney If you are not already preparing a self-assessment tax return, then you will need to inform H M Revenue and Customs of your new source of income by 6 October 2007. The first tax return you will need to do covers the period 6 April 2006 to 5 April 2007 - this will cover any other income (employment, investement etc) for the year ended 5 April 2007, together with your rental income and expenses for the period from when you start your business (ie. next couple of weeks) to 5 April 2007. To register to prepare tax returns you do not need any paperwork - just telephone your tax office. However, you must keep your records relating to your rental business for 6 years. Whilst you do not have to alert HMRC until 6 October 2007, it may be advisable to alert them sooner - maybe April 2007. This would give you more time to get your tax return in - if you make a profit, you may have payments on account towards the following tax year to make on top on your usual normal tax payment - and this can be unexpected for many new landlords. You can of course prepare your tax return - and if you do decide to do this then you will need to submit it by 30 September 2007 if you want HMRC to calculate your tax bill (in which case, you would want to inform HMRC before 6 October!) - I would however suggest that you do not leave it to HMRC, and instead you employ a tax accountant to prepare it for you - they know the type of expenses that can and cant be claimed. Should you require assistance with your tax return, please do email me - I can offer a competative quote. sherena.glanton@horwath.co.uk I hope the above information helps Sherena Link to comment Share on other sites More sharing options...
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