Only Property Income, do I apply for UTR number?

Guest007

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,

Monsoon

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)

JodieR

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!)

Guest007

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,