The self-assessment tax return deadline is fast approaching, and landlords have until 31st January 2020 to file their self-assessment tax return online.
Here, we have put together some useful resources for landlords, including where to find help completing an online self assessment tax return, and we take a look ahead to upcoming tax changes.
Self-assessment tax returns
A self-assessment tax return must be sent if in the last tax year (6 April to 5 April), you were:
- Self-employed as a ‘sole trader’ and earned more than £1,000
- A partner in a business partnership
- If you have any other untaxed income, such as money from renting out a property
The RLA Tax Centre, run in association with Rita4Rent has a wealth of advice for landlords on completing self-assessment tax returns.
Landlords can complete their self-assessment tax return online by clicking here.
HMRC warning about common tax scams-and how to avoid them
Last month, HMRC warned that there had been a spate of online tax scams , and put together some top tips for landlords on avoiding and reporting tax scams.
It is worth remembering that genuine organisations like HMRC and banks will never contact customers asking for their PIN, password or bank details. Customers should never give out private information, reply to text messages, download attachments or click on links in texts or emails which they are not expecting.
Some of the most common techniques fraudsters use include phoning taxpayers offering a fake tax refund, or pretending to be HMRC by texting or emailing a link which will take customers to a false page, where their bank details and money will be stolen.
If you think you have received an HMRC-related phishing email or text message, you are urged to take action by forwarding details of suspicious calls or emails claiming to be from HMRC to firstname.lastname@example.org and texts to 60599.
Those who have suffered financial loss should contact Action Fraud on 0300 123 2040, or use their online fraud reporting tool.
A look ahead to tax changes in 2020
The online self-assessment tax deadline is the same as it was last year, the 31st January, changes to capital gains tax (CGT) will come into effect in April 2020.
CGT is paid on profits made through the sale of any property that isn’t your main home, so will affect the sales of most second properties.
The changes will affect the timescale for payment and the tax relief you can claim. Read more on this here.
Where to learn more
Landlords who want to learn more about filing self-assessment tax returns online can learn more by checking out the resources over on the RLA’s Tax Centre, powered by Rita4Rent.