Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Mon, 09 Dec 2024 22:43:48 GMT by Dim boy
I currently live overseas and have had rental income in the years 22/23 and 23/24, but because it was considerably under my personal allowance, and that I paid tax on it in my current country of residence, I did not realise I needed to declare the income to HMRC. Can anyone advise as to what the consequences are likely to be? I don't believe that I owe HMRC any tax (as I have a long-term illness and no other tax liabilities or income), but I'm concerned by some of the penalty figures that I've seen mentioned elsewhere. I want to get it sorted, but don't know if I should contact an accountant or the HMRC first. Any help greatly appreciated.
Posted Wed, 11 Dec 2024 11:43:50 GMT by HMRC Admin 21 Response
Hi,
Thanks for your question.
Although your total income may be below your personal allowance, I would advise that rental income should be declared to HMRC.
If you have more than £2,500 after allowable expenses, or more than £10,000 before allowable expenses, you would need to complete a Self-Assessment Tax Return.
Guidance can be found here: Work out your rental income when you let property
I would advise if you are unsure of any aspect to contact a reliable accountant to look into the matter further.
Thank you.

You must be signed in to post in this forum.