UK Landlord Forum / Life

As above, first time completing a tax return for my rentals.

I've submitted to HMRC that i receive income from property last week and they have confirmed back to me that they have received that information. What happens next?

Do they then send through something for me to complete?

When is the additional tax actually need to be paid?

When did you first start to receive property income? Broadly speaking, the tax is due by the end of the January following the end of the tax year - so for the tax year ended 5th April 2019 the tax will be due by 31st January 2020.

Quote from: Simon Pambin on September 25, 2019, 03:06:45 PM
When did you first start to receive property income? Broadly speaking, the tax is due by the end of the January following the end of the tax year - so for the tax year ended 5th April 2019 the tax will be due by 31st January 2020.

Conveniently, and not accidentally, rent income started on 6th April 2018.

Do i wait now then for HMRC to send me something through to action and declare?

I'd get on and register for self-assessment: https://www.gov.uk/log-in-file-self-assessment-tax-return/register-if-youre-not-self-employed

You should get a UTR number (Unique Tax Reference ) from HMRC, which is then put in box on self assessment form . For 2018-2019, paper return submitted by 31st Oct 19 or online by 31st Jan2020.

newbie here too!
eyes like a bush baby ive read so much online today!
ive managed to log into self assessment and scare myself almost silly!

Or you could go and see an accountant?

It will cost you a few quid but that is tax deductible and they (generally) are rather efficient.