Only Property Income, do I apply for UTR number?

Guest007Guest007 Feels At HomeRegistered Posts: 54
Hiya,

A new client who just bought a buy-to-let house. Expected net profit from the property would be about 10k. She has no other income other than this rental income.

Do I need to apply for UTR number? Anything else I am missing here?

Regards,

Comments

  • MonsoonMonsoon Font Of All Knowledge FMAAT, AAT Licensed Accountant Posts: 4,069
    They have taxable income that falls within self assessment so they need to register.

    http://www.hmrc.gov.uk/sa/need-tax-return.htm
    If you don't already complete a tax return, you'll need to do so if you receive any of the following:

    £10,000 or more income from property (before deducting allowable expenses)
  • JodieRJodieR Experienced Mentor Registered Posts: 1,002
    Yeah, if the gross income and net income from property are both under the limits then you do not need to register for a UTR, but you do still need to pay tax on any profits so you just write to HMRC with the details (although how you pay the tax due without a UTR I don't know!)
  • Guest007Guest007 Feels At Home Registered Posts: 54
    Although how you pay the tax due without a UTR I don't know!

    Thank you both monsoon and JodieR,

    Anymore clarifications about JodieR's Last sentence please?

    Regards,
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