Declaring Rented Property

uresh.naik@capco.com · Postby **uresh.naik@capco.com** » Tue Mar 25, 2003 7:21 am

I bought a property last June and it has been rented out since. When exactly do I need to fill in the tax returns etc? What happens if I miss the deadline??

demetris · Postby **demetris** » Wed Mar 26, 2003 2:51 am

You will need to file a self-assessment tax return with the IR by 31/01/04 in respect of tax year 2002/03.

If you do not, there are automatic penalties for non-filing and interest added to unpaid tax.

demetris savva BA FCCA
http://www.tax-accounting-london.info
constantinesavva@accamail.com

Huw Williams · Postby **Huw Williams** » Wed Mar 26, 2003 1:58 pm

Just to add to Demetris' comments, what you need to do now is to tell the Revenue about the income source and they will send you the tax return in April 2003 (or shortly after you have told them) to be completed by January 2004.

If you get the return to the Revenue before the end of September 2003, they will work out the tax bill for you in time to pay the tax in January. But be warned, they may take a few months to work out the tax, so if you want to know sooner, get some help.

If you leave it till January 2004 you may be pushed to work out and pay the tax and so end up with a penalty.

Huw Williams
enquiries@huwwilliams.co.uk