UK Landlord Forum / Life

Hi everyone 

I'm currently in the process of purchasing a buy to let property, hoping for it to be completed by (hopefully) August.

This will be my new buy to let property, and therefore very new to all this.

I'm employed full time, and also have a small business on the side that I'm about to register as a sole trader. My questions for you guys is, with the addition of a property? How does this work when I'm a landlord? Would I need to register twice as a sole trader?

If anyone on here is in a similar situation, or has experience please shout up – as I'm currently a bit lost with advice at the moment.

No, you don't need to register twice. Income from land and property is treated separately on the tax return: it's not regarded as a business in the way that being a window cleaner (for example) would be.

When you come to do your first tax return, at the beginning there's a load of questions such as  "Are you an employee?", "Are you self-employed?", "Do you have income from Land & Property?" etc. You just tick the ones that apply and it tailors the form for you before taking you through, section by section. It actually works quite well, relatively speaking!

Thank you for the reassurance, it sounds a lot simpler than I thought it'd be !

Ho. Ho. Ho. (sob)