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Tax return - how to

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  • Tax return - how to

    I have just started to rent out a one bed flat which was my home.

    I expect to only make £1500 - £2000 pa "profit" after all the deductibles have been taken off.

    I'm confused by the tax return / declaration options.....

    I know that I can self assess but I've read that for a "profit" of less than £2500 you can do it through PAYE but if the tenant moves out after six months why would I want next years PAYE tax code to be changed?

    or is the purpose of the change to the PAYE tax code to pay back the tax for this year's profit by spreading it over next year?

    or would I be better just to declare through self assessment what "profit" I've made this year?

    I'd rather pay what I will owe for this year...in one go and be done with it... on money that I've actually gained and not money that I might gain.

    Or am I missing the whole point of this??
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