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Should I wait until April 1 to rent out my property?

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Author Topic: Should I wait until April 1 to rent out my property?  (Read 709 times)
Newbie
Posts: 10

I like property

« on: January 10, 2018, 12:21:32 AM »

Hello I am totally new to this!

I am planning for my house to be available (to let) on March 1 however, I want to take a couple of weeks to get it ready, paint, clean, minor repairs etc, before I have my first tenants. I am wondering if I should just wait until April 1 to rent it out and then would I avoid having to pay the accountant to do my taxes?

Or am I responsible to do some tax forms simple because it it technically a rental even though I am not earning anything on it?

OR do I want him to do mt taxes anyway because of the money I will be putting into the house and the interest deduction etc might work out in my favour?

The buy to let mortgage will go into effect March 1. I will be moved into a new house on this same date.

I am planning to speak to the accountant about this but was hoping to get your views on this.  I donít want to rush my move and I am fine with paying the BTL mortgage for one month to ensure a smooth move for myself. 
Global Moderator
Sr. Member
Posts: 357

I like poetry

« Reply #1 on: January 11, 2018, 10:04:25 PM »

If you can get a tenant in for an extra month, it's a no-brainer: a month's rent is going to be worth more than an hour of accountant's time, and that's assuming you pay an accountant to do your return for you. To be honest, you might as well just have a bash at it yourself: it's quite straightforward these days.

I feel I should point out that the personal tax year starts on the 6th of April, not the 1st, so starting your new tenants on the 1st would technically be the worst of all! :-) In reality, though, HMRC really can't afford to give that much of a toss about you so, as long as you're having a fair stab at paying your dues, they're not going to bother about whether you're getting every last detail right.
Newbie
Posts: 10

I like property

« Reply #2 on: January 12, 2018, 02:02:33 PM »

Thank you!  The earliest I was going to plan to have a tenant in was March 15 because I am moving in to a new build, I want to leave 2 weeks for any hiccups on the new build side and then have a one time thorough clean and refresh of my house while there is no furniture or tenant in it...so this is why I thought I could suck up 2 weeks to April 1.  Thanks for pointing out the tax year starts on April 6.

I suppose I will shoot for march 15 and then have a go at the taxes myself this year round :)
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