General Tax Question

[mattygg]

Hi Guys,

Just a quick question. I started renting my property out in May so i will need to start paying tax this year. My question is when will i need to fill out the forms and get them in by?

My second question is, as im going to be a newbie, would you think it worthwhile to get the help of an accountant, or would they be more expensive than the money i will receive back?

Can i claim the accountant's help back from the tax man, or is that pushing it.

Thanks for any help in advance

Matt

[TaxationPete]

If you inform HMRC in writting that you are a LL and will be receiving rental income then they will send you the appropriate tax return at the right time. Have you puchased on booking on renting property out and accounting for the income. If not Why not. It sounds like you have a lot to learn. Was this property your former home or a newly acquired buy to let. Regards Peter

[theartfullodger]

Agree with TP. I'd inform HMRC anyway soonish so that someone else doesn't tell 'em 1st and they get suspicious.. Tax returns for 10/11 have to be in I think Oct or Jan 2011/2012 -ish so you have some time...

You can do worse than google Carl Bayley's "How to avoid property tax".

If you're a real newbie, have you joined RLA or NLA and done their basic "How to be a landlord" course? Worth every penny...

[mind the gap]

Yes, pay an accountant to help you fill in your first year's tax return. S/he will probably save you more than s/he costs you to employ. Then if you discover you really enjoy filling it in, you can do it yourself the next time. Or you can bung the accountant another couple of hundred to do it for you.

[mattygg]

Pete,

This was my old house which i am now renting out. I think i will employ an accountant to help. How much money do you think they will charge for their services. Or can anyone recommend one in the Essex area?