To be or not to be ... self employed?

[Non]

Hi there - I am about to let out my property and do not know whether to declare myself as self employed (ie go Self employed as a private landlord) or to just submit a self assessment tax return later. I am currently non-employed and receiving no benefits.

What do you think is the better option?

Many thanks for any help you can provide.

[Tax Accountant]

Hi there - I am about to let out my property and do not know whether to declare myself as self employed (ie go Self employed as a private landlord) or to just submit a self assessment tax return later. I am currently non-employed and receiving no benefits.

What do you think is the better option?

Many thanks for any help you can provide.

There is no such thing as being self-employed for letting purposes. If you let a property you are simply a landlord. As such you will need to complete the self-assessment tax return each year and also complete the additional pages for income from property.

You will need to notify the Inland Revenue about your letting by 30 September 2006 at the latest but it is best to do it as soon as the letting commences. You will be required to complete the tax return for the tax year ending on 5 April 2006 and then yearly thereafter.

I hope this is clear.

Ramnik

[Non]

Re reply

Thanks for your speedy response. I shall be a regular in future!!!

[Tax Accountant]

Thanks for your speedy response. I shall be a regular in future!!!

You are welcome.

Consider paying for it forward by doing a good deed to someone else when you have no obligation to do so.

Ramnik