The RLA would like to remind landlords to have their taxes ready and sent off for the end of January! Be warned that failure to submit before the deadline could result in fines…the deadline for online tax returns is at midnight on 31st January 2015.
Recently HM Revenue & Customs (HMRC) has been focussing on landlords to ensure that property owners are providing transparent records of their rental income. This was typified under the ‘Let Property Campaign’ which could result in heavy sanctions should a landlord be found to fall foul of reporting income.
Regardless of threats from government landlords should ensure that they are paying their taxes correctly.
The RLA holds various tax training courses intended to help landlords maintain compliance with legal obligations, but also making sure you don’t over pay.
Property Tax Course – saving tax on your lettings
Do you know what taxes to pay? When to pay them or how you can reduce these taxes? This course will help you answer these questions and many more. Delivered by best-selling author Steve Sims – ‘Understanding & paying less property tax for dummies” – this course aims to change the potential for landlords overpaying tax. This is achieved by giving an in-depth insight into improving how landlords structure and run their lettings.
The course aims to help landlords understand how HMRC and tax rules work as well as offering practical and professional advice by a specialist on how to reduce tax.
Capital Gains Tax (CGT)
Designed to ensure that landlords are aware of several changes in the way the tax is charged with many reliefs being taken out, catching many landlords out!
This full-day course provides an introduction to Capital Gains Tax for buy-to-let landlords (sole traders not limited) including worked examples, how-to tips, and record keeping. Along with the basics such as Capital Gains Tax jargon, the course explains reliefs and allowances, how and when it has to be paid and special Capital Gains Tax rules.