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Taxing Times - tips for landlords facing self-assessment deadline

A tax consultancy has produced tips for those faced with the self-assessment tax filing deadline of next Monday - and who have yet to complete the task.

Lendingexpert.co.uk says the average self assessment tax return takes approximately two and half hours to complete online. 

It claims that this means if you set aside just 19 minutes a day between today and the 31st you'll likely complete it and won't have it hanging over your head for the whole of February. 

The website’s tips are:

1. Set a realistic plan and stick to it no matter what get's thrown at you. Commit to spending 19 minutes a day on your tax return for the next eight days. If it takes you a little longer, don't panic because you have until the end of Feb before you're fined for being late. 

2. Promise to reward yourself. Reward yourself with something you enjoy every time you spend 19 minutes on it, even if it's just sitting down to watch Netflix afterwards. 

3. Minimise distractions. For those 19 minutes, put your mobile phone on silent and place it face down. Collapse all other tabs on your desktop and only have the ones you need open. If you're working from home and the kids and dog are around your feet, lock yourself away to get it done. 

4. Ask someone to check you've spent 19 minutes on it every day. Get someone to ask you every day if you've spent 19 minutes on your Self Assessment. Your husband, wife, kids - be accountable to somebody. 

5) Stop over-complicating things. Perfectionism is one of the biggest reasons for procrastination. If you're waiting for a perfect time to do your Self Assessment, there will always be reasons standing in your way to put it off. 

The platform claims that over 12m Britons will be expected to be filing a Self Assessment this year.

HMRC has said if you're going to struggle to get your return in, you won't receive a fine for getting it in late, providing you file by February 28. 

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    (1) Hmm! HMRC fines may be deferred but interest charges on tax not paid isn't. To avoid the interest, estimate the likely tax bill, not forgetting the additional 1st Payment On Account towards 2021/22, and pay that and a bit more to HMRC. Any overpayment will be refunded, maybe with some tax-free interest.

    Plus, also be aware that filing late extends the window for HMRC to open an enquiry.

    The next load of tax returns will start coming out in 10 weeks. My advice: start collecting your data for 2021/22 now. Get books/spreadsheets up to date, especially with 'Making Tax Digital' just around the corner.


    Agreed get tax returns completed and filed with HMRC as early as possible in the new tax year, mine are normally in and agreed by June, job done, and my tax was paid yesterday, tax isn't going away so just get it sorted and paid

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    I can't imagine why anyone would need 9 months to organise their tax return - doesn't really sound much of a business model does it? With MTD coming anyone this disorganised will get a real shock!

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    Making Tax Digital another hammer blow for traditional LL’s quadrupling the cost by having to pay Accountants 4 times a year instead of 1. We are not digital academics we are traditional LL’s who paid the taxes to put all them through Uni’ over the years to become digital to hi-jack our business and destroy us, you are forcing us to do something we cannot do, so nothing to do with the quality of housing then, why not tell those people put your laptop down come on site and carry out all the trades they cannot do, can you please tell me how much accountancy costs those days, is it £10. or £30. per minute + vat.


    I am dreading this quite honestly.
    The amount of extra bureaucracy that this entails and the added cost is 'mind boggling'.
    I have already sold one property and will consider selling another before all these new regulations etc come into force.
    With all the other things that a private landlord has to worry about, this is 'driving me over the edge' and my anxiety level is slowly approaching maximum.

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    I have had the self assessment forms from my Accountant and paid the tax owed.
    Since then, I have receive a demand from HMRC, which bears no relation to what my accountant worked out.
    When I contacted him, he stated that they are so far behind that they have issued these notices before the self assessment forms have been processed.
    I was advised to ignore the HMRC figures, but I have no doubt that I will get the customary threatening letters in the meantime, until it is sorted out.


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