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Posted Tue, 13 Aug 2024 12:52:07 GMT by caleytiff
I’ve been getting income from property for over 2 years now but it’s been less than £2500. I contacted HMRC and they adjusted my tax code accordingly. I’ve raised my rent in April and it’s taken me over £2500 so I was registering for self assessment but I’m stuck at the date I started receiving income is it 2022 or 2024. Does it mean the date I started receiving income over £2500? I’ve already paid tax on the previous! Thanks in advance .

Name amdt & email removed from name admin .
Posted Wed, 14 Aug 2024 06:14:10 GMT by HMRC Admin 25 Response
Hi caleytiff,
The tax year runs from 06 April to the following 5 April.
Therefore, your property income will be returned for one year from 6 April 2023 to 5 April 2024.
If you raised your rents from April 2024, you will be declaring the income arising from 6 April 2024 to 5 April 2025.
The 2024-25 Self Assessment tax return will be issued after the 5 April 2025.
Thank you. 


 

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