UK rental income

S

sonas

Guest
Hi just completed my uk self assessment for 2010/2011 (late and was fined £100), for rental income on a property in the Scotland.

I own the property 5 years and moved here and had it rented out since July 2010.

On the up side though my income didn't reach the personal allowance threashold......so i didn't need to pay any tax to HMRC.

BUT I've just read here that I'll have to submit a similar form to the IR here.

Just wondering how this will work as they ask about tax paid in uk......and the tax years are out of sync.

is it likely that i will have to pay tax??
Will I be fined again for late submission???
How will I be able to answer questions on tax paid in UK for 2011, when I have only completed self assessment for part of this year??
What would happen if I didn't complete this???

Thanks for your help.
 
yes sorry should have said, I moved here in July 2010.

I'm also paying PAYE, so just wondering if I will have to pay more tax or if will affect my tax credits.

I'm also planning to sell this house very soon.
 
it is possible you will have a liability to revenue here as a significant difference is that you can only write off 75% of your mortgage interest here as opposed to 100% to the UK revenue. Depends on your rents v repayments. Unlikey you will be fined for late submission or 2010 figures i would have taught.
 
Thanks for your help RPC757......

not good news for me tho!!!
 
Sorry RPC757 I think you are wrong there.

Sonas need to complete a UK tax return based on uk tax regulations abnd then account for this on their irish tax return. UK tax paid can be offset against your Irish liability (not paye). the full interest can be offset in the UK not 75%

Thats as fas I know
 


What part of what you just posted corrected any part of what RPC757 posted? What you've said is correct, and so is what he/she said...!
 
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