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Deadline for Landlords’ Self-Assessment
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Deadline for Landlords’ Self-Assessment
A law firm has reminded landlords of another forthcoming deadline, which is particularly important to those new to renting out property.
Legal and tax adviser Moore Blatch has warned new landlords not to miss the 5th October 2015 deadline to register for self-assessment.
Any landlord that has received a rental income of over £2,500 in the tax year to 5th April 2015 must register with HM Revenue & Customs (HMRC).
Failure to register by 5th October and submit a tax return by 31st January 2016 will result in a fine. The fines start at £100 for being one day late, and rise after weeks and months.
Moore Blatch explains that rental income of less than £2,500 can be dealt with by the PAYE system for landlords that are working or receive a pension.
A chartered tax adviser at Moore Blatch, Tom Lacey, says: “Many new landlords may not be aware that they must register for self-assessment and failure to do so can create significant financial penalties.”1
He says that registering online is fairly simple. Register here: https://online.hmrc.gov.uk/shortforms/form/SA1
