Is it possible to do self assessment myself

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    Is it possible to do self assessment myself

    Hi,
    Newbie landlord here. Got the tenants and contract done, starting soon. couple of questions
    1. If its just one property I rent, should I be able to do the tax self assessment myself or get Accountant? I am OK with numbers, but just want to get some advice based on experience here if its too complex and time consuming, or any other pitfalls. If its straight forward I think I can manage.
    2. Tenancy will start Jan 2019. do you need to do self assessment for 2018/2019 year, or you can wait for 2019/2010 year?

    Note - I am currently PAYE, so this is first time having to do self assessment.

    Thanks in advance

    #2
    Yes you can do it yourself. There are videos available by hmrc online explaining tax for landlords and what is allowable etc. You will have some income in 18/19 tax year so you will need to do self assessment incl property section. If you do it online, and you will need to register well in advance, you have until jan 31st of the following year to submit the assessment. It is easy to do online, calculations are carried out for you as to tax due. All you have to do really is submit the figures.
    You can opt to have the tax taken through paye if your income from property is less than a certain amount. I'm sure someone on here will know the amount. Is it 10k?

    Comment


      #3
      Thanks Jon66, Saw the video in Youtube. Looks straightforward enough.Will have a go and see.

      Comment


        #4
        First of all, talk to HMRC when your business starts (first tenant in place).
        They may not require a complete self assessment to be completed at all.

        If the tenancy begins in January 2019, your first tax year is April 2018 to April 2019, which has to be completed after April 2019 and before the end of January 2020 (ideally before end October 2019).
        When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
        Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

        Comment

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