Landlords: Have you submitted your self-assessment tax return?
If you already have, then well done. If not, you are probably not alone. Millions of people leave this right up until the last minute, or even later. I read that more than 750,000 people missed the deadline altogether last year and subsequently faced financial penalties.
This year’s self-assessment task might be – if you’ll pardon the pun – even more taxing than usual for landlords. In the past, private residential landlords with a mortgage on buy-to-let properties could simply deduct mortgage interest from rental income before calculating tax. However, this all changed in April 2017 when a new regime was brought in to phase out this relief – a move which has added a further layer of complexity.
I am sure you are fully aware of the changes involved within this process, but if you do have any doubts, then please make sure you seek professional advice.
Hopefully the vast majority will be reading this safe in the knowledge that everything has been completed way ahead of time, filed correctly and that there is nothing else to concern yourself with until next year.
But, if not, I urge you to act now.
You have until midnight on the 31st of January to file your self-assessment tax return. Don’t join the three-quarters of a million people who failed to do so last year, it just isn’t worth it.