Self assessment

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  • mike_001
    started a topic Self assessment

    Self assessment

    Hi, I have been renting out a property for nearly 12months and I have to complete a self assessment for my earnings. I was told on the phone my HMRC to register online and I’d get a login code UTR. I’ve tried to login and I now need to wait for an activation code. What do I need to complete? I work full time and have received my P60. Once I’m on the self assessment site do I just complete an SA105 or does it just ask for my extra earnings from my property. I’m a complete newbie at self assessments so any help would be much appreciated.

  • pebblepebble
    replied
    Originally posted by theartfullodger View Post
    You declare ALL income from ALL(**) sources and complete the SA online..

    ** All sources: Property, job, other work, boot sales, ebay, bank interest, share dividends, the lot. (No offense ,,,) but the the name of the tax is "income tax".
    Not necessarily - if you just have a clear out at home and sell at a boot sale or on Ebay then you don't have to declare that.

    Leave a comment:


  • tatemono
    replied
    Go online and search for the self assessment notes and paper form if you want to know what you’ll be doing when you get your log in details. That’ll give you a good idea.

    Leave a comment:


  • theartfullodger
    replied
    You declare ALL income from ALL(**) sources and complete the SA online..

    ** All sources: Property, job, other work, boot sales, ebay, bank interest, share dividends, the lot. (No offense ,,,) but the the name of the tax is "income tax".

    Leave a comment:


  • mike_001
    replied
    Thanks so I only add my income and expenses from my property and Is it simple to complete?

    Leave a comment:


  • jpkeates
    replied
    When you complete the self assessment form you'll be asked for details of tax already deducted which you take from the P60.

    Leave a comment:

Latest Activity

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  • Adding wife to BTL property
    ringzer
    In 2005 I bought a BTL property in London with an outstanding mortgage of ~£150,000 and a current market value of ~ £500,000. The apartment has never been lived in by me and my name alone is on the title deeds and mortgage.

    I would like to add my wife to the property, either 1) title...
    18-02-2019, 17:37 PM
  • Reply to Adding wife to BTL property
    Kape65
    You're right, I remember that post. I agree that it's possible to do it but I feel if HMRC did take the time to view it then it could be classed as fraudulent, evading stamp duty and income tax.
    19-02-2019, 17:00 PM
  • Reply to Adding wife to BTL property
    jpkeates
    Beneficial ownership is a can of worms and HMRC aren't in any position to dispute what a married couple assert to be how they want to split the beneficial ownership, regardless of title.

    Someone posted on here a while back, and I made pretty much the same point (which was that the deed...
    19-02-2019, 16:35 PM
  • Reply to Adding wife to BTL property
    Kape65
    I always believed that a DOT was used because normal ownership of tenant in common property was automatically registered as 50/50 split when the true ownership may have been different i.e wife has put more money in or such. Surely to transfer a percentage to your wife and then use a DOT to claim that...
    19-02-2019, 15:24 PM
  • Reply to Adding wife to BTL property
    jpkeates
    Where property is owned as tenancy in common, the default presumption is that each tenant owns the property in equal proportions.
    But that doesn't have to be the case, the ownership can be shared in specified proportions, so 1% and 99%, or 60%:40% are possible.

    That split would normally...
    19-02-2019, 13:51 PM
  • Reply to Adding wife to BTL property
    Gordon999
    I think the solicitor may arrange a sale contract of 25% share in property from H ( seller ) to W ( Buyer ) at Nil price . but the Tax Office will say the consideration is 25% of mortgage loan for calculation the sdlt to pay.

    After the property is registered under the names of H&W (...
    19-02-2019, 13:30 PM
  • Reply to Adding wife to BTL property
    Kape65
    Is this possible (genuine question)? I understand the tenants in common bit but I thought you then needed a declaration of trust in order to change the proportions....
    19-02-2019, 13:04 PM
  • Reply to Adding wife to BTL property
    Gordon999
    Option 2 is not available because you have a mortgage loan ( in sole name ) secured by the mortgage lender taking a charge on the property title. This means any change to the property title requires consent by the mortgage lender.

    You can transfer by gifting a 25% share in the property...
    19-02-2019, 11:55 AM
  • Reply to Adding wife to BTL property
    jpkeates
    Tenants in common - which allows each person to own a defined share of a property.
    You can transfer 1% of a property to someone (at the value of 1% of the total property value at the time).

    Totally agree about the mortgage lender....
    19-02-2019, 10:44 AM
  • Reply to Adding wife to BTL property
    Kape65
    This intrigues me, how do you transfer a small part of title? I know you can split beneficial ownership of jointly held property but how do you transfer a small part of title prior to changing beneficial ownership.

    I'm not sure your mortgage company will allow a transfer of title only,...
    19-02-2019, 10:41 AM
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