Landlord -When do I have to tax jan 31st? this year

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Landlord -When do I have to tax jan 31st? this year

    I I bought my house on 1st of December 2014 and I just literally got it rented out on the 2nd of January 2015.
    So I have been paid 815 pounds so far on the 2nd of January. So my question is do I have to register the self assessment tax online thingy on the 31st of January this month?

    My second question is things like the water bill etc. Although I paid the bills when they come through. Do I have to ring them each time and get receipts to claim off the tax.
    Please help. Thanks.

    #2
    Tax return will be needed for 2014/2015, the final deadline for which is IIRC 31st January 2016.

    Buy a book on saving on property tax - eg Carl Bayley's. There are at least 12 taxes a landlord may pay, don't just worry about income tax.

    Keep hold of all those records!

    Water & tax?? Surely the utility bills are in tenant's name??

    Done any training as a landlord or read any books??

    Seen this??
    http://forums.moneysavingexpert.com/...2&postcount=12
    I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

    Comment


      #3
      Great so on January 31st 2016 I fill out a tax return which will be transactions between the dates of 01 April 2014 until 01 April 2015.
      Is that correct??? Is that the full dates that i need to work by.

      I want to be clear because if this is correct I have a year to figure out the rest instead of two weeks.
      In answer I have a months worth of bills etc All in all I have 1300 worth of bills when it was sat collecting dust.
      Thanks for answer

      Comment


        #4
        No..

        a) You do it WELL BEFORE 31/1/2016. Never leave such things to the last minute..
        b) No, 6/4/14 to 5/4/2015..

        I suspect you may have expenses from earlier that you need to worry about & keep records of (both for income tax, CGT & council tax... - at least...)

        Read a book & get educated, please, for your own sake..

        Cheers!
        I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

        Comment


          #5
          Your first accounting period for your rental business will be 2 January 2015 to 5 April 2015.

          Any qualifying expenditure prior to 2 Janaury 2015 is deemed to have been incurred on the date the first property is let.

          If your profit and rental income are below £2500 and £10,000 respectively, there is no need to register for Self Assessment. However, you will stiil to inform HMRC of the net profit and pay any tax due by 31 January 2016, or request to have it included in your PAYE Coding for 2016-2017.

          Comment

          Latest Activity

          Collapse

          • Rent 2 Rent Tax Return
            by dhoops97
            Hi,

            I'm currently receiving the rental income for my dads properties. I'm currently fully managing the properties for him and the tenants are paying the rent into my account. Once I receive the rent, I pay my dad a fixed amount and I keep the rest. Is this legal? And if so, do I pay tax...
            03-08-2021, 14:24 PM
          • Reply to Rent 2 Rent Tax Return
            by jpkeates
            It's legal.

            If you're named as the landlord on the tenancy agreements, your business is rent to rent.
            The amount you pay your father is a business expense, so you'll end up paying tax on the profit, but you need to declare the full amount as income and the payment to your father as...
            03-08-2021, 14:44 PM
          • HMRC Section 36 notice
            by KILOCHARLIE
            Wondering if anyone has any experience with one of these please?

            I received a letter from HMRC a few months ago stating they were investigating my property affairs. I was told I could provide documentation regarding it to help but if I didn’t wish then they would complete the check on...
            02-08-2021, 08:50 AM
          • Reply to HMRC Section 36 notice
            by Neelix
            If you were unemployed and receiving benefits and didn’t tell them you may need to brace yourself for contact from the DWP too...
            03-08-2021, 10:01 AM
          • Advice for DoT 100/0 or 99/1 is there a beneficial difference?
            by spikeg33
            I would appreciate some advice on getting our one rental property transferred into my beneficial interest as I have recently retired and now have the whole of my tax allowance to use against the rental income. I have researched and researched but would like some clarification about what to do . At present...
            02-08-2021, 14:07 PM
          • Reply to Advice for DoT 100/0 or 99/1 is there a beneficial difference?
            by spikeg33
            I know it’s 1% difference but was really asking what the legal implications are of either transferring it into 100/0 or 99/1. I’m not an expert in this field in any way shape or form and am merely asking for advice....
            03-08-2021, 09:10 AM
          • Reply to Advice for DoT 100/0 or 99/1 is there a beneficial difference?
            by theartfullodger
            Difference between 100:0 & 99:1?? 1%.
            03-08-2021, 09:02 AM
          • Reply to Advice for DoT 100/0 or 99/1 is there a beneficial difference?
            by spikeg33
            Thank you jpkeates for your advice. I will now proceed with 99/1 and happy that you have clarified the situation for me....
            03-08-2021, 08:51 AM
          • Reply to HMRC Section 36 notice
            by Section20z
            In your shoes I think I would be asking for a personal interview (maybe on Zoom these days) so you can find out exactly what they require. In my experience I have always found them reasonable and helpful and you can always ask for a supportive friend to also be present if you're nervous.
            Council...
            03-08-2021, 08:06 AM
          • Reply to HMRC Section 36 notice
            by Gordon999
            It may help if your doctor can give you a medical letter stating approx date when you had a breakdown and suffered some memory loss.

            If your job income is below the personal allowance level each year during last 6 years , you are not owing unpaid tax .
            02-08-2021, 20:02 PM
          Working...
          X