Only Property Income, do I apply for UTR number?
Guest007
Registered Posts: 54 Epic contributor 🐘
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,
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,
0
Comments
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They have taxable income that falls within self assessment so they need to register.
http://www.hmrc.gov.uk/sa/need-tax-return.htmIf 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)0 -
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!)0
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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,0
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