Self assessment first time confusion

LandlordsFirst

Free Member
Jun 9, 2021
11
2
Hi guys

I bought a house in May/June and two weeks ago my first tenant has moved in.

I have been recording all my expenses since starting to buy it(solicitors fees, paint, etc). Recently, I saw a pop up about deadlines for self assessment coming up (October 31st). Do I have to complete one as I bought the house after last years end of tax year?

I also have a limited company for past two years, does this make a difference at all? To note, I paid myself directors salary and have not earned any income from the company since March 2020.

Any advice would be great
 

LandlordsFirst

Free Member
Jun 9, 2021
11
2
Are you putting all the expenses through your personal account or your LTD company
Through my personal expenses as the asset (the house) and the income(the rent) isnt/I havent set up as associated with my ltd company.

Would this be correct, or am I missing a trick?
I dont want the house as a company asset as quite honestly, the ltd is currently dormant;meaning there is no income, and if somehting were to go wrong, I woudlnt want to lose the house.
 
Upvote 0

WaveJumper

Free Member
  • Aug 26, 2013
    2,420
    610
    Essex
    Upvote 0

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