It is that time of year again. Filing an annual tax return is a necessary task for every self-employed person, including buy-to-let landlords, with the 31 January deadline for the 2017/18 self assessment tax return looming.
Whether you have just started out as a buy-to-let landlord or you are an established property investor, there is much to consider on a monthly basis from a financial point of view.
From mortgage interest to general repairs, there are a number of bills that you need to take into consideration.
In case you’re worried about going it alone and doing your own tax return, here are four reasons why you can:
If you are concerned about going it alone and doing your own tax return, you may wish to check out HMRC's ‘help and support for landlords’.
For more information, click here.
HMRC has also added online tax return help for landlords to their online series of help and support webinars.
View all HMRC webinars.
According to HMRC, more than 3.5 million customers still have a week left to complete their Self Assessment tax returns and pay any tax owed.
The deadline to complete a 2017/18 tax return online is 11.59pm on 31 January, and last year more than 93% of customers filed their returns by the deadline.
An extra 25,000 customers have already filed their Self Assessment, compared to this time last year. HMRC is reminding customers that if their tax return is late, they will receive a £100 penalty – even if they do not owe any tax. The longer the delay, the more they will have to pay.
Financial Secretary to the Treasury, Mel Stride, said: “The deadline for the Self Assessment tax return is fast approaching but there is still time for the 3.5 million customers who haven’t completed their return to file by 31 January. With only seven days to go it is important that customers are reminded of the Self Assessment deadline in order to avoid paying penalties.”
If you think that you may not be able to complete your tax return by 31 January, you should contact HMRC.
Help is available on GOV.UK, from the Self Assessment helpline on 0300 200 3310 and on social media.
Angela MacDonald, HMRC director general of Customer Services, commented: “Taxpayers can make use of HMRC’s online services, webinars and videos, the customer service helpline, webchat or our social media channels. We are on-hand to offer support and advice to help you complete your tax return.”