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TonyTax
TonyTax, Tax Consultant
Category: Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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We bought a "buy to let" property in July 2014, are we liable

Customer Question

We bought a "buy to let" property in July 2014, are we liable for income tax in the current tax year (i.e. do we have to file a tax return in the 2013-2014 tax year or in the 2014 - 2015 tax year)? please advise.
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi.

The tax year runs form 6 April to 5 April. You cannot have a tax liability on rental income for a tax year during which you didn't own the property that you are letting. The first year you will need to disclose rent for will be the 2014/15 tax year. You will need to register for self-assessment using a form SA1. Take a look here to see if it will be necessary for you to register for self-assessment at all as there is another way to pay tax on rental income (through PAYE if you have a PAYE source of income.

I hope this helps but let me know if you have any further questions.
Customer: replied 1 year ago.

Hi! Thank you for the answer. We really needed the confirmation. And thank you for the speedy response.

Expert:  TonyTax replied 1 year ago.

Thanks.

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