Declare?

I received my first rental income in Feb 2023. From Feb and March I only received £376 after agent took their fees. In addition, I had huge expenses setting up the property ready to let- equally a total loss of -£644 by March 2023. Do I need to declare any of this on self assessment for 2023. Or do I wait until next year to declare everything from April 2023 onwards? Any advice would be welcomed. Thank you.

Hi,

You would still need to complete a 2022-23 Self Assessment tax return to declare the income and allowable expenditure for the period from February 2023 to 5 April 2023.

If the final result is that you have made a loss after any allowable expenses incurred, then theses losses can be carried forward to utilise against any profit from the rental property in the 2023-24 tax year.

Thank you.