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Posted Tue, 14 Sep 2021 15:12:37 GMT by Ian Scott
Looking for advice . In 2015 my wife and I bought a house to rent to our daughter. There was a rental agreement made and agreed at £400 per month. My wife then enquired online to see if we needed to declare this and to fill in a self assessment tax form, The information she found stated as the amount was below £5000,00 we would not require to do this. We have now decided we no longer want to rent the property and after further enquiries on the HMRC website think we have made a mistake and should have declared this income. My wife and I are both in receipt of private Pensions she does not pay tax but I do..we would appreciate any help or guidance with this?
Posted Wed, 15 Sep 2021 09:57:29 GMT by HMRC Admin 17

Thank you for your question.

It is unclear whether you have made a profit from the rents you received from the property. 

Here is a link on how to calculate your profit :

Work out your rental income when you let property .

From 2017-18 the property income allowance was introduced.

More information is given here :

Tax-free allowances on property and trading income   . 

I think as a first step it would be best if you phoned so we can discuss this with you.

Our phone number is given in this link :

Income Tax: general enquiries  .

If you do not want to phone then please each write to us with details of your half share of the income and expenses in each tax year
from when the property was first let out . A tax year ends on 5 April. 

Thank you.

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