Landlords urged to remember January tax deadline
Tuesday, January 12th, 2010Britain’s 31 January 2010 tax deadline for all those who are required to submit a self-assessment is fast approaching, and experts call on residential landlords to be especially careful in filing an accurate and timely tax assessment. Approximately 9 million Britons—including landlords and buy-to-let investors—are listed as either being self-employed or having multiple sources of income. As such, those landlords who are employed full-time, but also rent out homes or flats will have to file a self-assessment before the 31 January deadline. Additionally, the amount owed in taxes must also be paid by the end of the month.
Failure to meet the tax deadline results in an automatic fine of £100, as well as interest on the outstanding sum. All those who have not filed yet will have to do so online at this point, but HM Revenue and Customs does offer assistance to those who may have difficulty completing the required forms over the internet. It is, however, important to remember that registration and assistance involves acquiring a special password, which is sent out by regular mail and may take as long as a week to arrive.
Experts point out that selecting a quieter time of day can be essential in filing a successful online return. The current site has experienced problems during the peak periods—namely early to mid afternoons—and has crashed on a few occasions. As the month progresses and the deadline looms, such website problems will become more frequent, due to the increased traffic. As such, the best advice is to file a self-assessment as soon as possible.
