How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask taxadvisor.uk Your Own Question
taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 7104
Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
54961312
Type Your Tax Question Here...
taxadvisor.uk is online now

6 years undeclared btl rental income, but I dont have any

This answer was rated:

6 years undeclared btl rental income, but I dont have any other income apart from annual rent received £6900. Do I need to declare or pay tax
Assistant: Have you talked to a tax professional about this?
Customer: No
Assistant: Anything else you want the Accountant to know before I connect you?
Customer: Will I get fined if declared now and how can I do this myself

Hello and welcome to JustAnswer. I am here to help you. I am reviewing your question and will respond to you shortly.
Many thanks

Thank you for your question.

As your rental income is in excess of £2,500, you need to file a tax return. If you have already not registered for self assessment, you can do it here

https://www.gov.uk/log-in-file-self-assessment-tax-return/register-if-youre-not-self-employed

As you have said you have no other income than rental income. This would be covered by your tax free personal allowance.

You may be fined fixed penalty for late filing of tax returns.

If you don't have a UTR number, you won't be able to file your tax return online. Once HMRC issues you with a UTR number, you will have 3 months to file your tax return for 2018-19 as we are too close to last date for filing online (31 Jan 2020).

You should start the process immediately. You should be able to file your tax return yourself. If you ger stuck, you can come back here and ask for help.

My aim is to give you a professional service. I hope this is helpful and answers your question.

Please remember to rate my service by selecting the 5 stars at the top of the screen before you leave JA today. If you need more assistance, please use the reply box below and let me know. It has been my pleasure to assist you with your question.

Customer: replied 6 months ago.
Ok thank you, ***** ***** to sell the rental property later on this year when tenant moves out im thinking in waiting till then to declare as i cannit afford to pay any tax fines but when property is sold i can. Is it best to wait as no money available now
Customer: replied 6 months ago.
Shall i do self assessment for 2018/19 now and then declare previous years when property sells

Thank you for your reply.

You should file your tax return 2018-19 before the deadline of 31 Jan.

I recommend you write to HMRC in the near future and explain you have had rental income in previous years but total income is below your tax free personal allowance. They would notify the course of action. They may say, no need to file tax returns for previous years.

I hope this is helpful and answers your question.

Customer: replied 6 months ago.
Ok thank you, ***** ***** more thing the rental income is mine but my husband is named on the btl mortgage but has nothing to do with it do i name him on the self assessment.

Thank you for your reply.

If the property is jointly owned, then you should both declare your share of rental income on your respective tax returns. HMRC view jointly owned property to share income and gains equally 50:50.

I hope this is helpful and answers your question.

Customer: replied 6 months ago.
Would we both have to submit individual tax assessments or can i name my husband on my self assessment.

Thank you for reply.

You need to file individual tax returns under self assessment and separation taxation.

I hope this is helpful.

If there are no more issues, I will appreciate if you would kindly rate my service by selecting the 5 stars at the top of the screen before you leave, to ensure I get credited for it by Just Answer today.

taxadvisor.uk and other Tax Specialists are ready to help you

I thank you accepting my answer.

Best wishes.