1 1/2 years books instead of 1 tax return

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    1 1/2 years books instead of 1 tax return

    HI
    i bought my flat last September 2014 instead of declaring the ta return can i wait for another year where i will declare 1 1/2 years books is this allowed

    so it will be from September 2014 to April 2016

    #2
    When you asked HMRC what did they say??

    Did you make a profit or loss Sept/2014 to 05/04/2015??
    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...

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      #3
      You should be completing a 2014-2015 tax return by online method before 31 Jan 2016 or face £100 fine for late submission. The submission by paper tax return for 2014/2015 was before end of Oct 2015 ( but you may escape hmrc penalty if you send a paper return before end of this month ). For only one property, its very simply to declare the total rent received up to 5th April 2015 , the total expenses allowable, the profit or loss .

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        #4
        Not unless HMRC agree, which they won't (assuming you can get through to them to ask).

        You should probably have advised HMRC when the business began in 2014 (although most people don't).
        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).

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          #5
          If your total annual rental income (before any expenses), is less than £10k, you don't have to submit any tax return. However you are obliged to let the tax man know the figures. Eg, you send them a letter saying I rented out a property Sept 2014 to April 2015, the total rental income was £6000 and after allowable expenses of, say £4000, my total pre tax profit is £2000. Make sure you include your NI number on the letter and keep proof of posting the letter.

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