David Jetuah, Accountancy Age, Wednesday 29 September 2010 at 12:13:00

5 October deadline could affect anyone who may have rented out a propertypreviously used as a holiday or second home to earn additional income


Those yet to notify HM Revenue & Customs they are going to fill in a taxreturn listing untaxed income or gains for the last financial year to 5 Aprilhave been warned that they only have a week left to do so by Grant Thornton'stax advisers.

Taxpayers filing a return for the first time must contact HMRC by 5 Octoberto let them know they will be paying up. Additionally, tax returns receivedafter 31 October will not be accepted.

Around nine million people have to fill in a tax return this year, accordingto the firm and the deadline could affect anyone who may have rented out asecond home in the last financial year.

Francesca Lagerberg, head of tax at Grant Thornton, said: "Individuals may beunaware that they need to notify HMRC that they intend to fill in a tax returnform.

"However this deadline could affect anyone who may have rented out a property(which has previously been used as a holiday or second home) to earn additionalincome in these difficult economic times.

"This new income would not be taxed at source and will require disclosure onan individual's tax return, together with the obligation to notify HMRC by 5October 2010."

Further reading:

620file tax returns online during Christmas Day