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Where Taxpayers and Advisers Meet

Declaring rental income on inherited property

emmasmum61
Posts:3
Joined:Thu May 31, 2018 1:29 am
Declaring rental income on inherited property

Postby emmasmum61 » Thu May 31, 2018 2:06 am

Hello. Having previously only ever paid tax through PAYE, I now need to complete my very first self assessment for 2016-17. Late, I know, but HMRC have given me three months to complete. I have registered for online self assessment, however, I need to declare rental income to pay tax on any profit, from a property that I inherited. Am I correct in thinking that because of this I am unable to complete the self assessment online as it is an estate income and the online software does not support this? If so, which forms will I need to print and complete from the HMRC website, please? I am finding it all quite confusing at the moment :roll:
Many thanks

pawncob
Posts:5099
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Declaring rental income on inherited property

Postby pawncob » Thu May 31, 2018 12:10 pm

If the property has been passed to you, it's your income and can be declared as such. If it's still held by Execs then it's their income until it's paid to you.
With a pinch of salt take what I say, but don't exceed your RDA

emmasmum61
Posts:3
Joined:Thu May 31, 2018 1:29 am

Re: Declaring rental income on inherited property

Postby emmasmum61 » Thu May 31, 2018 12:37 pm

Many thanks for your reply pawncob
The property is mine as assent is complete so am I able to include it in my ONLINE self assessment?

pawncob
Posts:5099
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Declaring rental income on inherited property

Postby pawncob » Fri Jun 01, 2018 6:53 pm

Yes.
With a pinch of salt take what I say, but don't exceed your RDA

emmasmum61
Posts:3
Joined:Thu May 31, 2018 1:29 am

Re: Declaring rental income on inherited property

Postby emmasmum61 » Fri Jun 01, 2018 10:14 pm

Many thanks pawncob. The term, 'estate income' was confusing me but I now understand what this refers to and as a result, I have today completed my online self assessment and have submitted it


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