Landlords, have you Completed your Self Assessment Tax Return?

Many landlords must complete their Self Assessment tax return before the 31^st January 2019 deadline, warns HM Revenue & Customs (HMRC).

Around 5.5m taxpayers now have less than a month to complete their Self Assessment tax returns.

More than 11.5m 2017-18 tax returns are due, and HMRC expects the vast majority of taxpayers to complete their returns and pay any tax owed by the end of this month.

Around 52% of taxpayers have already filed their returns, as of 31^st December 2018, and more than five million have completed their returns online.

Mel Stride, the Financial Secretary to the Treasury, says: “It is encouraging that around 52% of taxpayers have already completed their Self Assessment tax returns. With less than one month to go before the deadline, there are still many people that need to act now.

“HMRC is encouraging all Self Assessment filers to complete their returns by 31^st January and is offering support every step of the way.”

Angela MacDonald, HMRC’s Director General for Customer Services, insists: “The Self Assessment deadline on 31^st January is fast approaching, but there is still time for customers to file their tax returns online and on time to avoid any unnecessary penalties.

“If you are completing Self Assessment for the first time or are yet to start your 2017-18 tax return, there is a wide range of support and guidance available on gov.uk to help at every stage of the tax return process.”

Visit this link for more information and guidance: https://www.gov.uk/self-assessment-tax-returns

Landlords, you must complete a tax return if you have earned more than £2,500 from letting a property.

If you completed a Self Assessment tax return last year, but didn’t have any tax to pay, then you still need to complete a 2017-18 tax return, unless HMRC has written to you to say that it is not required.

Don’t get caught out!