A law firm has highlighted another approaching deadline for landlords, which it says is particularly important to those new to letting property.
Legal and tax adviser Moore Blatch has warned new landlords not to miss the October 5 deadline for registering for self-assessment.
Any landlord that has received a rental income (not profit made) of more than £2,500 in the tax year to 5 April 2015 must have registered with HMRC.
Failure to register by October 5 and submit a tax return by January 31 will result in a fine by HMRC.
The fines start at £100 for being one day late and escalate after weeks and months.
Moore Blatch says that rental income of less than £2,500 can be dealt with by the PAYE system for landlords who are working, or in receipt of a pension.
“Many new landlords may not be aware that they must register for self-assessment and failure to do so can create significant financial penalties,” says Tom Lacey, chartered tax adviser at Moore Blatch.
He says registering online is a fairly simple process.
Landlords can register for self-assessment here.
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