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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15886
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Rental income decleration

Resolved Question:

Rental income decleration
Submitted: 11 months ago.
Category: Tax
Expert:  TonyTax replied 11 months ago.

Hi.

What do you need to know.

Customer: replied 11 months ago.
Hello
Customer: replied 11 months ago.
I just found out that I needed to declare rental income from the past times. I would like to ask 3 questions regarding the rules around rental income decleration please
Customer: replied 11 months ago.
My total rental incomes have never been over £10000 and not over £2500 after deductions
Customer: replied 11 months ago.
Are you ready?
Expert:  TonyTax replied 11 months ago.

Yes, I'm ready but I don't type at 300 words a minute. What are your questions?

Customer: replied 11 months ago.
1- do I need to declare a tax return for my rental income which is less than £2500 for the previous years?
Expert:  TonyTax replied 11 months ago.

Are you employed?

Customer: replied 11 months ago.
2- do I need to declare my rental income and PAYE income from my employment at the same time or separately?
Expert:  TonyTax replied 11 months ago.

Let me know what your third question is and then I'll draft an answer to each one.

Customer: replied 11 months ago.
I was employed at some years during the rental income periods but not all
Customer: replied 11 months ago.
3. In order to declare my expenses for a rented house, do I declare it from the time that the tax year starts or from the time when the house is rented which is half way through the tax year, for instance, I rented my property in October. Would my expence declaration be from 6th April or from October onwards?
Customer: replied 11 months ago.
That's all the questions
Expert:  TonyTax replied 11 months ago.

Thanks.

I'm drafting an answer now.

Expert:  TonyTax replied 11 months ago.

My preferred option is to register for self-assessment and disclose all taxable income that way. The fact that your rental income is less than £2,500 does not mean it isn't taxable. It is taxable.

If you have a PAYE source of income, you can choose to have the tax collected on rental income up to £2,500 through your PAYE. If you have no PAYE source then you need to complete tax returns. In any event, you still have to have your tax checked at the end of the tax year.

You claim expenses from when the property is first let. So, if you stared to let in October, you work out your expenses from then. There are limited circumstances when you can claim pre-let expenses. Look here.

I hope this helps but let me know if you have any further questions.

Customer: replied 11 months ago.
Thanks very much, that's great help
Expert:  TonyTax replied 11 months ago.

Thanks.

Would you mind rating my answer before you leave the site please.

TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15886
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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