will4u69 Posted August 15, 2006 Report Share Posted August 15, 2006 HI I am new to this and have 1 house which I have just started to rent out nearly 1 month ago, and I was wondering would I need a rent book to record the rent and give a copy to the tenent or not ,they are going to pay by cheque and also can I ask for the money earlier as the cheque will take a week to clear.! How and What do I have to do about tax , do I need to declare it or let the tax man come to me ? Many thanks Will Link to comment Share on other sites More sharing options...
fleming Posted August 15, 2006 Report Share Posted August 15, 2006 I don't know about rent books, but I would strongly recommend that you have the rent paid directly by standing order into your bank account from the tenant's bank account. There still may be a delay of about 3 days for this to clear. No rent book is required as bank statements are proof of payment. Re tax. You should notify the tax man that you are now a landlord. Link to comment Share on other sites More sharing options...
plym77 Posted August 16, 2006 Report Share Posted August 16, 2006 You will need to notify the tax office by 6 October following the end of the tax year (5 April) in which you start - therefore by 6 October 2007. You tax return which will declare your rental profits plus any other income (employment etc) will need to be prepared and submitted by the tax return deadline of 31 January (2008 will be your first deadline as you will need to do a tax return for the year ended 5 April 2007). It is your responsibility to inform the tax office. Link to comment Share on other sites More sharing options...
will4u69 Posted August 16, 2006 Author Report Share Posted August 16, 2006 thanks for the replies what would happen if I dont notify the tax man ? Was just wondering Link to comment Share on other sites More sharing options...
plym77 Posted August 17, 2006 Report Share Posted August 17, 2006 unlikely they will know right away, but they will catch up with you eventually. Ignorance is not an excuse in their eyes and if everything is late you could end up with penalties, interest etc. I would suggest that it just isn't worth the risk. Declare the income and expenses as you go. Best of luck with your renting! Sherena Link to comment Share on other sites More sharing options...
guildofresidentiallandlords Posted August 17, 2006 Report Share Posted August 17, 2006 As you are a new landlord, I assume the rent in your agreement is monthly, in which case you do not need to provide a rent book (always good to provide some kind of rent sheet for receipt purposes though). However if the rent is payable weekly, then you need a rent book by law. [s4 Landlord and Tenant Act 1985]. Adrian Guild of Residential Landlords Link to comment Share on other sites More sharing options...
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