How to pay my tax bill? Help

C

catgirl

Registered User
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14
Hi there

Lets call a spade a spade I am a real novice at all this and really need some advice. We have a second prop let out since june, registered as land lords etc. The question is when and how do we pay our tax bill on the income? I heard there is a section on the PAYE form, is this the case? Some people have told us it is due ion October but as PAYE workers I thought it was due now? Help!!!
 
Have you read the FAQ?

Property Investment FAQ

If you don't know what you're doing then you really need to get independent, professional advice from an accountant/tax advisor to avoid any risk of making an incomplete, erroneous or late return.
 
yes I had a look there, but it didnt really help. I do realise we may need to get an accountant but is it this month we need to pay the bill? If so I need to get my skates on!
 
you could just try ringing the revenue - anytime I've needed to ring them I found them helpful and informative.
 
catgirl said:
yes I had a look there, but it didnt really help. I do realise we may need to get an accountant but is it this month we need to pay the bill? If so I need to get my skates on!
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Did you read IT70 - Revenue Guide To Rental Income linked from the FAQ? It outlines how rental income tax can be collected via PAYE in some situations or alternatively through self assessment otherwise.
 
If you decide to go the self-assessment route then any tax you owe from June to Dec 2006 will be due by the end of Oct 2007.
 
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