tax return please help
Please help any advice guidance would be great. (I am brand new to paying tax on rental income)
I will give you a quick overview of my situation so you understand my concerns and quarries.
I am renting out a house I lived in for 8 years. When I purchased my second home in July 2017 I was unsure whether to sell or rent my brother in law was looking for a new place to live at the tiam and a simple solution at the time was to let him live there on the cheap as he was family (he just covered the cost of mortgage interest etc. so no money was made in terms paying tax no money was really made during this period ) come the 1st November 2018 a new tenant moved in and the council are paying her rent directly in to my bank account up to now I have only had 3 payments of 450 in total £1350. And I have out more than this in repairs, insurance, landlord licence, safety certificates etc. etc.
My concern is I could get in trouble for not declaring any tax on this for tax year 2017-2018. I have been advised different things by friends who rent out property from “just act dumb and do nothing “to " register for tax from 2018-2019 and start from there " my concern is the if they ever looked in to me in the future they may look in to this and try and fine me or worse.
I am a genuine honest person and if anything just want to get everything in order for peace of mind. What is my best plan of action. I read about an option were you can approach the tax man before they approach you and inform them you think you may owe tax.
What would I owe if ,no money was made from renting the house from July 2017 to October 2018 if anything I spent more on maintaining the property ????
Then from November 2018 to current date. My rent is 450pcm, mortgage interest is 150pcm + I have spent approximately 900 in expenses in this period.
Any help advise would be great and greatly appreciated
many thanks in advance
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