Less than a month to go until tax self-assessment deadline

Set for 31 January, the self-assessment tax return deadline is looming, and landlords will need to consider a raft of changes to the rules.

While HM Revenue & Customs reports that 52 per cent of taxpayers have already completed their returns, around 5.5m still have not.

Those who must complete a tax return include people who earned more than £2,500 from renting out property in the financial year, as well as those who are limited company directors, and people who earned income from abroad.

Landlords must take into account the changes made to the tax regime that started on 6 April 2017, which includes modifications to how income tax, the wear and tear allowance, and stamp duty are handled.

Furthermore, private and individual buy-to-let landlords will have to deal with cuts to mortgage interest tax relief that take place on a progressive basis until the 2020 tax year. By April of that year, landlords will not be able to deduct any of their mortgage interest payment from rental income before paying tax.

Financial secretary to the treasury Mel Stride says: “With less than one month to go before the deadline, it is encouraging that around 52 per cent of taxpayers have already completed their self-assessment tax returns.

HMRC director general for customer services Angela MacDonald adds: “If you are completing self-assessment for the first time or are yet to start your 2017 to 2018 tax return, there is a wide range of support and guidance available on GOV.UK to help.”


Houses, house, property, monopoly

Resi transactions flat in November: HMRC

Latest figures from HMRC show that residential property transactions in November grew 0.1 per cent on a monthly basis, at a total of 100,930 completed. Seasonally adjusted, transactions dropped 0.5 per cent when compared to the same month in 2017. Measured on a non-adjusted basis, monthly growth stood at 5 per cent and yearly at […]

stamp duty hike

Residential property transactions up in October: HMRC

Figures from HMRC show the number of residential property transactions stood at 102,530 in October, a 0.9 per cent increase from September. This month’s seasonally adjusted figure is 1.3 per cent higher compared with the same month last year. In October 2018, non-adjusted residential transactions were approximately 13.8 per cent higher than September 2018. Year-on-year, […]


Out from the long grass? An IT and NI merger

Those with a long memory will recall that at the start of the last parliamentary term George Osborne announced his intention to merge income tax (IT) and national insurance (NI).  Headline grabbing as the initiative was, the reality of the complexities, challenges and costs of such a move resulted in this idea being kicked into the political long grass.


News and expert analysis straight to your inbox

Sign up