Must new AST landlord inform HM Revenue & Customs?

[MW1969]

Just started letting my flat out on AST. Do I just need to inform The inland revenue ?

[arusha]

if you have a mortgage, your lender will want to know.
Also make sure you have appropriate building insurance as your old policy, if you had one, may be no longer valid.
If it is a flat there may be a freeholder/ head leaseholder (excuse terminology, I don't really know the legal terms) who you are supposed to inform and get permission from.

[Paragon]

Who will pay the council tax?

[MW1969]

Council tax paid by tenant (informed council). informed mortgage, leaseholder (all flat owners own the company that own the lease), buidings Insureance ok as covers the whole building and got own for my flat.

With the tax.inland revenue I assume i just cakll them and informthem I am now a landlord and then do tax treturn from now.

[TaxationPete]

Yes you have to inform HMRC Iwould put it in wrtting as the call centres as not the most reliable. Also remember that as this cound like it was your PPR then the dates are very importance and Letting Relief will kick in after the 36 months PPR exemption and further protect you from CGT up to the tune of £40,000 per ex-resident owner. Regards Peter

[MW1969]

Yes you have to inform HMRC Iwould put it in wrtting as the call centres as not the most reliable. Also remember that as this cound like it was your PPR then the dates are very importance and Letting Relief will kick in after the 36 months PPR exemption and further protect you from CGT up to the tune of £40,000 per ex-resident owner. Regards Peter


Could you explain what this means. It was my Private residence until I moved house. Then I put this property on ther market for a while and thern decided to rent it out .

[King_Maker]

Have you read the Inland Revenue's Help Sheet IR283 which deals with CGT for private residences?

It is downloadable from their website.

There is no need to inform HMRC until you complete your Self Assessment Return after 5 April 2009 - assuming the tenancy started after 5 April 2008.

[TaxationPete]

The OP may not be recieving a SA so informing then he is a landlord will trigger HMRC to send one at the appropriate time. Regards Peter