HMRC registration

You have not stated exactly when you starting receiving rental income, but the normal rule is that you must inform HM Revenue & Customs (HMRC) by 5^th October following the end of the tax year in which you started letting the property. The tax year starts on 6^th April and ends on the following 5^th April.

This rule would also apply if you started to receive any other untaxed income- such as you started your own business or you received untaxed income from investments. The same date also applies if you made a Capital Gain.

So if you started receiving the rental income before 5^th April 2012, then you will need to register soon- by 5^th October 2012. But if you started receiving the rental income after 6^th April 2012, then you have until 5^th October 2013 to register with HMRC.

Penalties can apply for late registration, so you should always register with HMRC as soon as possible.

Your local TaxAssist Accountant would be happy to assist you with your registration with HMRC and the preparation of your tax return.

Date published 5 Dec 2012

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.