If youโre a landlord, the deadline for filing your 2023-2024 income tax return is fast approaching.Here are some important things you need to know.
๐ช๐ต๐ฒ๐ป ๐๐ผ ๐ณ๐ถ๐น๐ฒ ๐๐ผ๐๐ฟ ๐๐ฎ๐ ๐ฟ๐ฒ๐๐๐ฟ๐ป The next deadline for self-employed landlords is 31 January 2025 (unless HMRC has notified you otherwise). This doesnโt apply if you own your property through a limited company.
๐ช๐ฎ๐๐ฐ๐ต ๐ผ๐๐ If you donโt file on time, you will receive a ยฃ100 penalty. This will increase the longer you delay.
๐ก๐ฒ๐ ๐ ๐๐๐ฒ๐ฝ๐ Collect details of your rental income. Also, collate your outgoings, as many of these can be claimed as allowable expenses to reduce your tax bill.
๐ง๐ถ๐ฝ Donโt forget to claim for:
Maintenance and repairs.
Letting/estate agentsโ fees.
Service charges.
Ground rent.
Insurance premiums.
Advertising costs.
ย Fees for legal or financial advice.Get started now to avoid a last-minute rush.
๐ช๐ผ๐๐น๐ฑ ๐๐ผ๐บ๐ฒ๐ผ๐ป๐ฒ ๐๐ผ๐ ๐ธ๐ป๐ผ๐ ๐ฏ๐ฒ๐ป๐ฒ๐ณ๐ถ๐ ๐ณ๐ฟ๐ผ๐บ ๐ฟ๐ฒ๐ฎ๐ฑ๐ถ๐ป๐ด ๐๐ต๐ถ๐ ๐ฎ๐ฟ๐๐ถ๐ฐ๐น๐ฒ? ๐ช๐ต๐ ๐ป๐ผ๐ ๐๐ต๐ฎ๐ฟ๐ฒ ๐ถ๐ ๐๐ถ๐๐ต ๐๐ต๐ฒ๐บ?
