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Do I need to complete Tax return

Hi

I am letting a property and make about £2000 profit from letting this property after all the expenses.

I read on directgov website that i only need to submit a return if my income is:

 - £2,500 or more income from property (after deducting allowable expenses)

but my income is below £2500.

Am i right in thinking that i dont need to submit a return? but do i need to pay tax on my profits.

Thanks in advance.

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25th Jun 2011 22:01

No

That page assumes you have no other income.

You need to tell HMRC that you have a rental property/income and declare the profit.

Regards Peter

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28th Jun 2011 19:41

Actually

I think it means what it says. You do not have to submit a tax return. Instead you tell HMRC the amount each year and they can code up to income of that level out against PAYE income.

If you do not have PAYE income then you are probably either doing returns already or a non taxpayer.

 

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