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#890397 - 28th Jul 2014 2:26pm Renting out a property- tax
yr20405 Offline
Member

Registered: 15th Feb 2013
Posts: 70
Loc: wirral
Just found out I had to pay tax after renting out a property for nearly a year. Where do I go about paying the tax?

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#890401 - 28th Jul 2014 2:59pm Re: Renting out a property- tax [Re: yr20405]
chriskay Offline
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Registered: 25th Oct 2007
Posts: 4868
Loc: shropshire
http://www.hmrc.gov.uk/

Everything you need will be there.
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Carpe diem.

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#890482 - 28th Jul 2014 8:15pm Re: Renting out a property- tax [Re: yr20405]
Snodvan Offline

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Registered: 19th Mar 2008
Posts: 1279
Loc: Wallasey Village
Remember that there will be a range of "allowable expenses" that can be used to offset some of the income and so reduce the tax bill. I am still trying to find out exactly what are the allowable expenses. I think things like annual Gas/ Electricity safety certificates, essential repairs are allowed. I am still not sure about the status of property insurance. In my case the rental is handled by an agent and their fees can be used to offset some income for tax purposes

Snod
_________________________
5 Precepts of Buddhism seem appropriate. Refrain from taking life. Refrain from taking that which is not given. Refrain from misconduct. Refrain from lying. Refrain from intoxicants which lead to loss of mindfulness

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#890556 - 29th Jul 2014 7:22am Re: Renting out a property- tax [Re: yr20405]
stu6278 Offline
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Registered: 20th Sep 2010
Posts: 73
Loc: New Brighton
If it's a low amount of tax, HMRC will give you the option of adding it to your PAYE code (assuming you're on PAYE) so they can recoup it that way. Otherwise you'll have to file a Self Assessment return.

Allowable expenses to reduce your liability include any mortgage interest you've paid, landlord/house insurance, letting agent fees, gas/electric certs and the cost of advertising your property. There's a 'home office' allowance of 208 and you can also claim against any trips you've had to make to your property - 45p per mile assuming you used a car.

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