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1, What is a landlord?
2, Do I have to declare my rental income?
3, How do I register as a landlord?
4, What expenses can I claim to reduce my property tax?
5, Can I claim tax relief on all my mortgage payments?
6, When do I need to submit my tax return?
7, why should I use taxdoctor to complete my tax return?
8, when is the tax return deadline?
9, what is a UTR number?
A landlord is an individual who receives rental payments from a tenant for the use of their land or property. It could be a house, flat, commercial property or even just a piece of land. The property could be owned in their name solely or in joint names with other people..
Yes! Any income received that hasn’t been taxed needs to be declared to HM Revenue & Customs. It’s your responsibility to inform them that you receive this income.
It’s quite a straightforward process if you are not already in the self-assessment system then you need to notify HMRC that you need to complete a tax return. This is best done by writing a letter to the office that deals with your tax affairs explaining the situation. They will then arrange for a tax return to be submitted to you
The general rule regarding expenses is that they must be considered wholly and exclusively for the purpose of your rental trade. The main types of expenses a landlord would typically incur would be: repairs and renewals, property overheads such as heat and light or rates and water, travelling to the property, accountancy fees and letting agents commission (if used).
The only element of your mortgage payments that qualify for tax relief is the interest proportion. This is the only real expense you are incurring. Tax relief is not given on the repayment part as this is merely you paying back the money you have borrowed. If you have an interest only mortgage then all your payments will be tax deductible.
If you are completing your tax return by paper format then it needs to be in with HMRC by the end of September. If though you are filing online then you have until the end of January. Taxdoctor files all our client’s tax returns online so we can make use of the January deadline.
We’ve got a wealth of experience in preparing tax returns for landlords, CIS workers, Self employed and company directors. We know the tax laws inside out and can provide you with a cost effective way of ensuring that you not only comply with HMRC regulations but that you pay the correct amount of tax in the process.
HMRC have a few different deadlines depending on how you prepare and file your tax return.
If you want HMRC to calculate your tax liability for you the deadline is 30th September. If you use our service and we calculate the tax payable and submit electronically you have until the 31st January to submit your return.
UTR stands for Unique Tax Reference, it’s a 10 digit reference number that is assigned to you by HMRC. It’s used on all correspondence and is really important as it’s used to identify you on their systems.
