HMRC makes direct appeal to Landlord Today readers

HMRC has contacted Landlord Today to make a direct appeal to readers to complete accurate and timely tax returns.

A spokesperson says: “I’m from HM Revenue and Customs and I’m reaching out to share useful information with you and your readers.

“Landlords are amongst the 12 million people who will need to complete a tax return by January 31.”

It’s issued a quick guide and top tips for landlords completing their tax returns.

Here we go with HMRC’s information:

Quick guide to completing your tax return

You need to pay tax on your income if you’re self-employed or if you haven’t been automatically taxed, for instance if you receive payments from private work as a freelancer or contractor, you get tips or commission, or you rent out a property.

You can use the online tool on GOV.UK to check if you need to complete a Self Assessment tax return.

5 step guide to Self Assessment

1. Plan and prepare – Check your Government Gateway account is set up and ready to use and you have your Unique Taxpayer Reference (UTR).

2. Gather information – Get organised and plan your time. Use Self Assessment guidance, HMRC YouTube videos and the HMRC app so you have all the information you need to submit your tax return on time.

3. Submit your tax return online by 31 January – it's easier than it looks, only fill in the parts relevant to you. Remember to include your bank account details so that if HMRC needs to repay you, they can do it quickly and securely.

4. Budget for your tax bill – HMRC will calculate how much you owe. The easiest and quickest way to check what you have to pay is through the HMRC app.

5. Pay your Self Assessment bill by 31 January 2023. You can make a secure payment through the HMRC app. Contact HMRC as soon as possible if you cannot pay your tax bill on time - you may be able to pay in instalments depending on your circumstances.

Completing a tax return

You will need the following information:

• National Insurance number – you can get this on the HMRC app

• Details of untaxed income – for this you’ll need copies of bank statements, receipts, invoices and any other relevant information.

• Unique Taxpayer Reference (UTR) – you can get this on the HMRC app

• Details from employment income, where you were taxed at source by your employer.

You can get your employment income history on the HMRC app, Personal Tax Account, P60 or P11D

• Records of your self-employed expenses

• Details of eligible tax reliefs such as charity contributions or pensions

Don’t forget you will need to keep records in case HMRC wants to check your tax return. New to Self Assessment

If you haven’t completed a Self Assessment tax return before, or didn’t submit a tax return for the previous tax year, you need to register for Self Assessment. Register early. When you’re registered, you’ll get a Unique Taxpayer Reference in the post along with information on how set up your online account.

If you don’t need complete a tax return

If you no longer need to complete a tax return then it’s important you tell HMRC otherwise they will keep sending you information and will think you’re late with your tax return and may issue a penalty. Find out how do this this on GOV.UK.  • 12 million people are expected to submit a tax return this year

• 220,000 people will submit a tax return for the first time this year

• 66,000 taxpayers submitted their tax return by 6 April 2022 – giving them 9 months to budget before the payment deadline.

• Self Assessment is expected to bring in nearly £46 billion for the year ending 31 March 2022 which will help pay for the vital public services we all use.

10 top tips

1. Get your tax return in early – don’t put unnecessary pressure on yourself by waiting until the 31 January deadline. Set calendar reminders and make sure you don’t ignore them. Missing deadlines could result in a penalty.

2. The easiest way to do your tax return is online. If it seems too overwhelming to do it in one go, then do a bit at a time. You can make a start on it, save your progress and go back to it as often as you need to add more information or to check what you’ve done before submitting it.

3. If you can’t find your Government Gateway User ID to get into your online account then search your email inbox using ‘Government Gateway user ID’ or check your paperwork. If you still can’t find it or have trouble accessing your online account then get technical support from HMRC.

4. Budget for your tax bill - if you get your tax return in well before the deadline you’ll know how much you need to pay so you can budget better, and if you’re owed a tax refund you can get it sooner. You can also save money throughout the year to put towards your tax bill by setting up a flexible budget payment plan with HMRC where you can choose how often and how much you want to pay. The amount in your Budget Payment Plan will be used for your next tax bill which means you’ll have to pay less by payment deadline of 31 January. Or you can set up a separate savings account for your tax bill and put money aside each month to put towards your final tax bill.

5. Get organised with your records and accounts to make it easier. A simple spreadsheet might work for you, or you might find commercial accounting software helps you track and organise your finances better.

6. Use HMRC’s app if you’ve forgotten your Unique Taxpayer Reference, National Insurance number, want your employment income history or to make a Self Assessment payment. Using the app is quicker and easier than calling HMRC and waiting 10 days for information to arrive in the post.

7. HMRC’s YouTube videos can help and guide you through the Self Assessment process. There are videos on How to fill in your Self Assessment tax return, Self- employed tax returns, and UK property income.

8. If you’re stuck, get somebody to help you such as a friend or relative, community support groups or hire a professional tax agent such as an accountant who you can appoint to handle your tax affairs on your behalf.

9. Check your information before you submit your tax return, so you’re confident it’s correct.

10. Be careful of scams – HMRC sees high numbers of criminals emailing, calling and texting people claiming to be from HMRC asking for money or personal information. Be alert - scams come in many forms. Do not share your government online account passwords with anybody, including your tax agent or accountant. If something doesn’t feel right, then take your time and check the HMRC phishing and scams GOV.UK page.

Help and support

HMRC wants to help you get your tax right. Lots of information and support is available which includes:

• HMRC’s digital assistant - the assistant will help you find information, and if you can’t what you’re looking for you can ask to speak to an adviser

• Technical support for HMRC online services for help signing into online services

• Email updates - subscribe to HMRC email updates so you don’t miss out on the latest information on Self Assessment,

• Live webinars where you can ask questions or if you can’t join, you can watch recorded webinars on demand.

• Social media updates - follow HMRC Twitter - they provide a wealth of information if you’re stuck or confused.

• HMRC app and Personal Tax Account - you can instantly find your Unique Taxpayer Reference, make a Self Assessment payment, get your National Insurance number and get your employment income and history.

• If you need extra support to help your with the Self Assessment process or your tax return you can contact a voluntary or community sector organisation who can provide you with help and advice, or you can get support directly from HMRC.

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