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I will start receiving rent from a flat that I own, starting

Resolved Question:

I will start receiving rent from a flat that I own, starting May 2015. How and when do I inform HMRC?
Submitted: 2 years ago.
Category: Tax
Expert:  Sam replied 2 years ago.

Hi

Thanks for your question - I am Sam and I am one of the UK tax experts.

If the rents will be in excess of £2500 a year - then you will need to register for self assessment and I have provided the link here for you - this then advises HMRC that you have the rental income and ensures a tax return is issued to you (and the first one will be after 05/04/2016 - for the tax year 2015/2016 so you will not have to complete one for this tax year - which will be issued after 05/04/2015)

https://online.hmrc.gov.uk/shortforms/form/SA1

If the rents are less than £2500 a year - then just telephone HMRC as soon as the rental income begins and they can arrange to either adjust your tax code to take this into account (if you have a PAYE source of income such as employment) or accept the figure annually to assess tax due under PAYE. Or you can write in after each 5th April has cased enclosing your P60 ( if in employment) and details of the rental income.

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Let me know if you have any follow up questions

Thanks

Sam

Sam, Accountant
Category: Tax
Satisfied Customers: 13810
Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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