online tax assessment

David _b

David _b

David _b

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Anyone on here do this

I let a house out and the tenant moved in around May 2015 time, so im new to this game. However i have registered online for self assessment. The last tax year started on 6 April 2014 and ended on 5 April 2015, so i have had no income in that year from the property.
But i think i read somewhere i still need to file a return as i am registered even though i had no income from the property in that tax year.

Anyone any experience, do i just submit it with zero income ?
 
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I don't know the answer but give the Inland Revenue a call and ask.

Be aware that the deadline for submitting it and also pagyng any outstanding amount (or setting up a direct debit) is 31st Jan. If you are not already registered that also takes a week or so to do.

Call them TODAY is my advice.
 
I have registered and ready to go, so will tackle it tomorrow. Just thought would see if any one is in same boat on here, or anyone experienced in it all
 
Yes it's not hard once you have access to it. You generally need:

How much you earned from jobs
How much tax you already paid on that (e.g. P60)
Any taxable benefits if applicable (P11D)
Interest and tax paid on any bank accounts
Details of any other income such as shares, pensions and investment property

You then get an instant calculation on any additional tax to be paid. If before 31st Dec they can collect it via your next years tax code. But as we are past that date they will want payment in full before 31st Jan (or setup a direct debit). Did mine yesterday too.
 
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They may not be expecting a tax return for 2014-15. It depends what date you put when you registered.

When you log in it will tell you if one needs to be filed. On the right hand side it will say 'HM Revenue & Customs (HMRC) sent you a notice to complete a tax return on DATE but have not yet received it.'

If they are expecting one then you will need to complete a return. If you have other income (PAYE, bank interest etc) then this will need to go on the return. You can't just put zeros for everything, apart from the property part as no income was received.
 
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David _b said:
i registered around end of september time
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When you registered it should have asked you a date that you started receiving the income. If you put a date after 05/04/2015 then they will not be expecting a return for 2014-15 by 31/01/16. Easy to check though if you login.
 
if your unsure giver them a ring.I found them really helpfull with all questions even the stupid ones.
 
Hold on; if you paid interest on the BTL property, then you should include this. Therefore, you would have made a loss in that tax year, so it is taken forward to the next year.
 
lee1101 said:
When you registered it should have asked you a date that you started receiving the income. If you put a date after 05/04/2015 then they will not be expecting a return for 2014-15 by 31/01/16. Easy to check though if you login.
Click to expand...

Thanks
When i log in, were should i look to verify i dont need to do a return

Under "self assessment details" it says "no tax is due at the moment" but it also still gives the option to make a payment
 
Hades said:
Yes it's not hard once you have access to it. You generally need:

How much you earned from jobs
How much tax you already paid on that (e.g. P60)
Any taxable benefits if applicable (P11D)
Interest and tax paid on any bank accounts
Details of any other income such as shares, pensions and investment property

You then get an instant calculation on any additional tax to be paid. If before 31st Dec they can collect it via your next years tax code. But as we are past that date they will want payment in full before 31st Jan (or setup a direct debit). Did mine yesterday too.
Click to expand...

This. Been doing them for years.
 
Fill in the SA form even if there is zero income from the property. Unless you tell them, the revenue won't know.

BTL landlords are an easy target for inspection as there is property they can seize in the event you're a tax-dodging scumbag ! In the absence of information they would look at the previous year where there was income and then either ask why its now zero, or even worse, assume you'd forgotten to declare it and either investigate a bit more forcefully, or just tax you assuming the income was the same.

When I was an IT contractor years ago (so clearly a tax dodging scummer) I found the revenue easy to deal with if you just tell them what they need to know. It was the ones trying every trick in the book that ended up with the personal visits, inspections of bank accounts etc.
 
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If one is due then you will see something like this.



You do not need to complete the tax return unless they are expecting one. It is not a case of unless you tell them they wont know.
You have already told them by registering and I assume you said from May 2015. The first return will therefore be for 2015-16, due by 31/01/2017.
 
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