Good Morning,
Just looking for some advice from somebody in the know or somebody in the same situation.
As of 1st June this year (2013), I will be renting out my property to a family member and I have been made aware that I have to declare this income by filling out a tax return.
The monthly rental fee Im charging will only cover the mortgage and I will not make any profit from it.
After looking on the Gov.UK website, it seems abit confusing, so therefore I am looking for somebody answers to a few questions, if possible:
Hope somebody can answer my questions as I am new to all this.
Regards
Just looking for some advice from somebody in the know or somebody in the same situation.
As of 1st June this year (2013), I will be renting out my property to a family member and I have been made aware that I have to declare this income by filling out a tax return.
The monthly rental fee Im charging will only cover the mortgage and I will not make any profit from it.
After looking on the Gov.UK website, it seems abit confusing, so therefore I am looking for somebody answers to a few questions, if possible:
- I believe I have to register and fill out a self assessment form. Is this correct?
- Its says that I need my national insurance number, personal contact details and company details... I do not have a company, do I have to set one up?
- The next tax return has to be in by January 30th 2014 apparently... Do I just tell them the income from 1st June 2013 to 30th January 2014 or do i need to tell them about what the projected income will be from 1st June to 5th April?
- Is the self assessment form easy to fill out? How does it work? Will it basically ask me what my mortgage payment is then how much rent I receive?
Hope somebody can answer my questions as I am new to all this.
Regards