Tag: Landlord Tax Returns

Keeping Records of Rental Income and Expenses

The profit can be calculated by deducting allowable expenses from rental and other income of the property business. However, where it is beneficial to do so, the landlord can claim the property allowance of £1,000 and deduct this instead of actual expenses.

Responsibilities Accounting and Tax Advice for Landlords
Articles

Responsibilities Accounting and Tax Advice for Landlords

As a landlord, it is your responsibility to check that every tenant has a right to rent. You must check their original passport and other identity document (such as driving license or Biometric Residency Permit etc.), making copies of inspected documents and notes of when the check was performed.

Amending Self Assessment Tax Return
HMRC

Amending Self Assessment Tax Return

Amending your tax return will also change the amount of tax you owe. If it is more, you will need to pay this, plus interest (which runs from the due date of 31 January after the end of the tax year). If your tax bill goes down as a result of the amendment, you can claim a refund

Non Resident Landlords Property Investment
HMRC

Non Resident Landlords Property Investment

The merits of taxing foreign purchases are clear, and it couldn’t be more prevalent now as research is suggesting that a high proportion of properties in London that would make suitable homes for first-time buyers are being snapped up by foreign investors.

Self Assessment Tax Returns
HMRC

Self Assessment Tax Returns | What to look for

Rushing self assessment tax returns form is never a good idea as you are more likely to make mistakes and miss out crucial information. When using the online form service, you can save your details and come back to them later, perfect for when you’re busy and don’t have the time to do everything in one sitting.