14 Jan 2018
As you probably already know, each year all landlords must complete a self-assessment tax return, even if you’re renting out just one property, it’s still necessary.
You may have missed the paper deadline, which was 31st October 2017 but there’s still time to send in your online tax return which has a deadline of 31st January 2018 … but you’ll have to be quick!
How do you submit your tax return online?
You’ll need a Government Gateway account and your unique taxpayer reference (UTR) to submit your tax return to HMRC online. Once you’ve filed, you’ll need to pay any tax owed by 31st January 2018 for the 2016 / 2017 tax year (which ended in April).
Don’t forget: there are expenses that you as landlords can deduct from your income to calculate the profit on which you pay tax including letting agents’ fees, legal fees, building and landlord insurance, gardening bills, cleaning bills, property repairs etc.
If you have any questions about your online tax return, be sure to speak to your accountant.
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