UK Landlord Forum / Life

Hi
I currently have a property that I have decided to rent out,

Now I've had to spend some money on new locks to secure the property and pay gas electric water and mortgage, the property will not be ready to rent out until at least October as I currently have other commitments and I need to start from scratch, this includes all the paperwork, certificates, and the property needs new windows and complete redecoration.

The property is currently empty

Thanks

The tax will be due in January 2017.

Although payments on account should be made in January and July 2016.

The tax return will have a 31/1/2017 submission date.

In reality you need to apply to do this online at least 3 months before this date.

What I would do is run your accounts through to the end of this tax year 31/3/2016, and then get your paperwork together and apply to complete a tax return in April May 2016, you will then have 8 months or so to get it in.

If you get it in early you can apply to have any tax taken off your personal allowance, which is easier IMO.

Dont forget your insurance, and check for any local requirement to register with the council.

That's great information thanks very much for that

Also don't forget to keep a good record of all your deductable expenses with the paperwork attached. Also even if the property is not rented yet and it is vacant, and you have taken the decision to rent it, and you are working on it to bring it to a condition to rent you should be able to claim expenses such as mortgage interest, council tax, water etc from now, not just from Oct.

Interesting thread.

I have let my propety out from September 2014.  So I need to submit a tax return for 2014-2015.

I had no idea that this process should be started around April/May this year. I thought I could start it much later in the year, as the deadline is the end of Jan.

Why submit so early ?  Do the tax boys drag their feet processing it.  Should I get a move on and get it done ?

Thanks

Why leave it  to the last minute.?

You need to apply for a code which gets sent in the post. 2 weeks minimum.

Strictly speaking the first tax is due Jan 2015. Latest Jan 2016.

Its £100 fine is you are late.

Its easy to do.