UK Landlord Forum / Life

Do i need a accountant as im renting out my house to sort out my tax

please comfirm

cheers

If you can't add or subtract a few numbers, don't like filling in forms, or have money to burn - Yes.

Otherwise - No.

If you mean does the law require that you have an Accountant employed to sort out your tax for rental income, then the answer is "no".

You can either set yourself up for self-assessment or have your tax code changed, in certain circumstances, by HMRC so the (hopefully correct) amount is removed just like PAYE is. In either circumstance, you need to get in touch with HMRC to declare the income from property. They will then also advise you on which option of the above you can do. When I had one property rented out that only made a small amount of profit, I had my tax code changed - which suited me. If you have a property where a lot of profit is made, then you will need to do self-assessment, if you have more than one property this will almost certainly be the case.

If you are already registered for self-assessment then you are kinda part of the way there... and doing most of what is required anyway.

Quote from: Hippogriff on March 31, 2014, 10:12:59 AM
If you mean does the law require that you have an Accountant employed to sort out your tax for rental income, then the answer is "no".

You can either set yourself up for self-assessment or have your tax code changed, in certain circumstances, by HMRC so the (hopefully correct) amount is removed just like PAYE is. In either circumstance, you need to get in touch with HMRC to declare the income from property. They will then also advise you on which option of the above you can do. When I had one property rented out that only made a small amount of profit, I had my tax code changed - which suited me. If you have a property where a lot of profit is made, then you will need to do self-assessment, if you have more than one property this will almost certainly be the case.

If you are already registered for self-assessment then you are kinda part of the way there... and doing most of what is required anyway.

thanks for me info chhers