• Rental Income Tax-Selling First Home With Rented Tenant.-England And Wales Law

    By Guest on 22nd Oct 2019

    Dear sir /madam,
    I am selling my first home with tenant.
    I bought in 2017 and now selling.I couldn't stay that home due to my unstable circumstances.As I couldn' t move to my first home I am not interested to re mortgage.
    Question.
    1 . Do I need to produce a rental income tax declaration before I sale.
    2. It is my first home thats why I never paid tax on the income.Do I need to pay HMRC now ?.
    3. Should I pay capital gain ? .As I haven't used this home as my residence.
    4.Can a conveyancing solicitor stop me selling process just because I am not registered as landlord with HMRC ?
    I would be grateful for your help.
    kind regards

  • 1 Answers

    By Guest on 22/10/2019

    1. Check with your accountant. From a conveyancing perspective your buyer will not require this;
    2. Check with your accountant.
    3. Check with your accountant.
    4. Your conveyancer will try to assist you with the sale. I am not aware of any requirement to register as a landlord with HMRC but check this with your accountant or tax adviser.

    As far as I am aware the general rule is that tax is payable on income in most cases, but as with your queries please refer to your accountant or tax adviser for assistance with regard to any tax query.

    www.notaryexpress.co.uk

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