SE23 Forum

Hi!

I've recently inherited a flat here from my grandmother who used to live there and passed away recently, and was wondering what I should do with it. My first choice so far is letting it but I'm not sure sure how that affects my taxes - does anyone else let in London and can tell me more about how it works? Is it just added to my overall income and taxed the same as a second job would, i.e easy calculable with this tax calculator I use normally, or is it something else? Any advice helps!!

Cheers

have pm'd you

It will affect your tax position. HMRC will require you to use an approved software accounting package from April 2020 and submit quarterly returns. Watch the Budget on Monday 29 October as there is a rumour that the Chancellor may also require you to pay tax on account quarterly.