HMRC registration

I moved in with my girlfriend this year so we started renting out my house. When do I need to register with HMRC?  

1st September 2012

You have not stated exactly when you starting receiving rental income, but the normal rule is that you must inform HM Revenue & Customs (HMRC) by 5th October following the end of the tax year in which you started letting the property. The tax year starts on 6th April and ends on the following 5th April.

This rule would also apply if you started to receive any other untaxed income- such as you started your own business or you received untaxed income from investments. The same date also applies if you made a Capital Gain.

So if you started receiving the rental income before 5th April 2012, then you will need to register soon- by 5th October 2012. But if you started receiving the rental income after 6th April 2012, then you have until 5th October 2013 to register with HMRC.

Penalties can apply for late registration, so you should always register with HMRC as soon as possible.

Your local TaxAssist Accountant would be happy to assist you with your registration with HMRC and the preparation of your tax return.

By Jo Nockels

Disclaimer: The information provided is based on current guidance (at date of publication) from HMRC and may be subject to change. Any advice shared here is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this information, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

Call us today to make an appointment at your local office

0800 0523 555

Or submit an enquiry