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Property losses- do I need a tax return?

I have a Buy to Let property, but because of the size of the mortgage, I do not make any profit from it. I am employed and have never submitted a tax return before- do I need to now?

Although you have no income to tax from your property, you would probably benefit from informing HM Revenue & Customs (HMRC) of the losses, which you can do by submitting a tax return.

This will allow you to then carry forward the losses and offset them against future profits you make from the property. So it could save you tax in the long-term!

Please note, you are obliged to submit a tax return if your gross rents (i.e. the income from the property before deducting any expenses) be over £10,000 per annum. This is irrespective of whether the property is profitable or not.

If you would like some assistance in registering with HMRC and completing your tax return, please feel free to get in touch with your local TaxAssist Accountant.

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0800 0523 555

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