First BTL property

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    First BTL property

    Hello,
    Please someone help me. We purchased our first BTL property a week ago. Do I have to inform the Revenue dept?
    My wife has 99% share of the house and I have only 1 % for tax purpose. Do I have to inform the tax man about this?
    Many thanks
    AAS

    #2
    Originally posted by AAS View Post
    Hello,
    Please someone help me. We purchased our first BTL property a week ago. Do I have to inform the Revenue dept?
    My wife has 99% share of the house and I have only 1 % for tax purpose. Do I have to inform the tax man about this?
    Many thanks
    AAS
    Thanks for the comments. I had a word today with an accountant and according to him I do not need to worry about the tax return until September 2007. I am not convinced though.
    I do not expect any taxable income from the property as the rent would be just enough to cover the expenses. We purchased the property a week ago.
    Any further comments will be highly appreciated.
    Many thanks
    AAS

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      #3
      The return in September 2007 would be for the tax year 2006 - 2007, wouldn't it?? What do you doubt it?
      Any information or opinion given in this post is based only on my personal experience, what I have learned from this, other boards and elsewhere. It is not to be relied on. Definitive advice is only available from a Solicitor or other appropriately qualified person. E&OE

      Comment


        #4
        Thanks Pippay. Well yes you are right. What I doubt is that shouldn't I inform the Inland Revenue sooner/earlier than September 2007?

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