I rent out three rooms of my house and my income to the end of January was £7,500. As this is the threshold for the rent-a-room scheme, do I have to send in a tax return by the end of January?
Arthur Weller replies:
You do not need to send in a tax return by the end of January in the tax year. You only need to send in a tax return by the end of January after the end of the tax year (i.e., 5 April) in which the rental income was received. Regarding your rental income exceeding the £7,500 threshold, see HMRC’s Property Income Manual at PIM4030.