Landlords who choose to file a paper tax return – whether this is completed on a self-assessment basis or they would like HMRC to work out how much tax they owe – are reminded that the strict deadline is 31st October 2017.
Those who file their tax return online have until 31st January 2018 to do so – and from April 2020 landlords will be among the first group of people required to submit rental turnover and expense detail digitally each quarter.
Daniel Dowling, technical and compliance director at property specialist Leaders, said: “Maintaining accurate and up-to-date tax records is a must for all landlords, as HMRC takes this matter very seriously and has the ability to impose penalties on those who fail to submit a tax return on time. We would urge landlords to switch to the digital system by April 2020 and be prepared to submit a quarterly report of rental income thereafter.”
Landlords must file accurate tax returns on or before the deadlines. Failure to do so will result in a fixed penalty of £100, rising to a daily £10 fine once a tax return is more than three months late.
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