End of year tax reporting for Landlords
It’s April; the month for Showers, Sunshine, Plants flowering and End of year tax reporting for Landlords. Do you have peace of mind that your tax affairs are in order?
As a landlord receiving income from a property or multiple properties, you have a duty to declare your income to HM Customs and Revenue. This applies to landlords with one rental property or more and applies to UK residing landlords as well as those living abroad.
Whether you have one rental property, or a portfolio of properties, Stuarts Property Services offer a statement summary for the tax year (if property managed by ourselves with our management services) to lighten the workload for you and we work alongside our local accountants Langers or Allens who are be able to keep you up to date with your tax affairs and compliance requirements if required.
If you need to complete a self-assessment tax return you need to register by 5th October following the tax year you had rental income.
The deadline for completing the self-assessment tax return is 31st October after the end of the tax year if filed by paper or 31st January after the end of the tax year if filed electronically
If you wish to complete your self assessment return yourself, please contact the accounts team here at Stuarts to provide you with a statement summary* or alternatively, if you prefer to instruct an accountant to conduct the returns on your behalf, please contact Langers accountants or Allens Accountants who can then liaise with Stuarts to obtain the letting statements direct from us to save you time and administration. They may be able to structure your rental properties in order to maximise the tax efficiency.
If you have income from property which has NOT been declared to HM Revenue & Customs, we STRONGLY suggest that you read the following HMRC link to read about their Let Property Campaign BEFORE registering for self-assessment – Accountants provide a complete service for making declarations to HM Revenue & Customs which they used to mitigate HM Revenue & Customs penalties.
If you are a non-resident landlord we can also register you with HM Revenue and Customs to receive your rental income without deduction of tax. We as your agent are obliged to deduct tax at source of rental income if we you have not applied for an NRL1 certificate from HM Revenue and Customs – If you are residing abroad and have not informed Stuarts Property Services, please do so immediately so that we can cross check your exemption certificates held on file here or guide you to apply for exemption.
BEWARE – An uncommon known fact: If you are a landlord residing abroad and you manage the property yourself (Let Only service) – the TENANT is obliged to deduct tax at source from rental income unless they have an exemption certificate
- If on our full management service for the full tax period