As Landlord am I a sole trader? Do I have to register again?

x2b4 · 27-03-2016 2:37pm #1

I'm somewhat of an accidental landlord owing to the recession and am registered for income tax on this property. I want to set up as a sole trader.

Am I already a sole trader? Do I have to register a new business interest?
I'm quite confused by it all.

Lockedout2 · 27-03-2016 2:43pm

If you file a form 11 then you include the trade on the form 11.

x2b4 · 27-03-2016 2:46pm

So I don't need to update revenue on the circumstances now? I do file form 11 once a year.

Just don't want to get into trouble.

Mrs OBumble · 27-03-2016 3:08pm

Do you think you'll go over the vat threshold? If so you need to register for that too. Otherwise nothing extra to do. But make sure you can separate out the income and expenditure of the strands to declare them separately.

thegolfer · 27-03-2016 3:29pm

Residential or commercial property?

If you are already registered for income tax then as above declare income in Form 11 annually.

PRTB considerations as well along with LPT too..

x2b4 · 27-03-2016 5:15pm

Thanks everyone that clears it up for me

Its a residential property, and I've it all above board for tax, LPT and PRTB.

Starting out very small, as still working as an employee full time so I'd be exceptionally lucky if I managed to go over the VAT threshold in the next year or two.

thegolfer · 27-03-2016 5:41pm

x2b4 wrote: »

Thanks everyone that clears it up for me

Its a residential property, and I've it all above board for tax, LPT and PRTB.

Starting out very small, as still working as an employee full time so I'd be exceptionally lucky if I managed to go over the VAT threshold in the next year or two.

No issues with VAT on residential property, exempt.

As Landlord am I a sole trader? Do I have to register again?

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