Property to rent

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mc25
mc25 Registered Posts: 232 Dedicated contributor 🦉
in General accounting discussion
Hi,

If dealing with client with a property to rent and is full time employed too, are there complications in completing their accounts, sorry haven't got much experience in this area and I was wondering if there is anything i need to watch out for.

Any advices will be appreciated.

Thanks

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  • T.C.
    T.C. Registered, Tutor Posts: 1,448 Beyond epic contributor 🧙‍♂️
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    No problem at all. Just a self-assessment tax return with employment pages and land and property pages.
  • mc25
    mc25 Registered Posts: 232 Dedicated contributor 🦉
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    Wow that was a quick reply T.C. I dont suppose you have got a link with the land and property pages so that i can read through them

    Thanks
  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
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    mc25 wrote: »
    Wow that was a quick reply T.C. I dont suppose you have got a link with the land and property pages so that i can read through them

    Thanks

    If you're an agent in practice, you should get the full guidebook once a year. Have a chat to the HMRC orderline.

    The forms are here
    http://www.hmrc.gov.uk/forms/sa105.pdf
    I can only find the 2007-08 notes
    http://www.hmrc.gov.uk/worksheets/sa105notes.pdf
  • mc25
    mc25 Registered Posts: 232 Dedicated contributor 🦉
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    thanks

    Thanks for your reply, the other question is does the client have to register as self employed too?

    Thanks
  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
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    Nope, they aren't self employed, they have Land & Property pages, it's different.

    They still have to notify HMRC if they don't already receive a tax return that they have an additional form of taxable income.
  • mc25
    mc25 Registered Posts: 232 Dedicated contributor 🦉
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    thanks

    :thumbup: thanks

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