Rental income

Hi- I jointly own a rental propert with my husband. We have rented the property from mar 1st this year. I currently do not file tax returns. The rental income (my share) is 1025 gbp for financial year. (As it is only one month rent). Rental profit would be much lower. Am I ok to file the tax return from next fiscal year or should I do it from this year? If I do it from this year, we were paid the rent for 1st 3 months in advance, so can I include that in my March rent for return purposes

Hi,
 

1. You should declare the rent received for March 2023 in a 2023 Self Assessment tax return. 2. Any rent paid in advance should be declared in the return for the tax year in which the payments were actually due. Please therefore include the amount paid in advance in your 2024 return.    See Links : Renting out your property    & : Property Income Manual   . Thank you.

Hi- apologies but this is inconsistent with the advice given over telephone. I was told given the rental income is 1025 and “net rental income” would be much lower, we should cumulatively file this for FY 2024. I currently do not file tax returns so would appreciate if you could recheck.

Hi,

Unfortunately we do not know what previous advice you have been given over the telephone.

If you receive income from a rental property then this should be declared on an 'individual tax year' basis. This means that you cannot carry forward any rental income from one tax year and just declare both amounts the following tax year.

If you have any further questions regarding your individual circumstances please contact HMRC directly:

Contact HMRC

Thank you.