🎯 Attention Landlords! Everything You Need to Know About Self Assessment Tax Returns 
 
🏠 Whether you’re managing a property portfolio or renting out a single flat, tax season can feel like a maze. But don’t stress, we’re here to make it simple! Here's what you need to know: 
 
👉 Do You Need to File? 
 
If your rental income exceeds £1,000 a year or you have other taxable income (like investments or self-employment), then yes, you’ll need to file a Self Assessment tax return. 
 
👉 How Much Tax Will You Pay? 
 
You’re taxed on profits, not total rental income. This means you can deduct allowable expenses like: 
 
✔️ Repairs & maintenance 
 
✔️ Agent fees 
 
✔️ Insurance premiums 
 
✔️ Utilities (water, gas, electricity) 
 
✔️ Council tax & service charges 
 
👉 Mortgage Interest? 
 
If you’re a sole trader, you could claim a tax credit on mortgage interest (up to 20%). Own the property through a limited company? You may be able to claim it as a full expense! 
 
👉 How to File Your Return 
 
1️⃣ Register online or with a paper SA1 form. 
 
2️⃣ Keep detailed records of all expenses – HMRC can request proof! 
 
3️⃣ Submit your return with your Unique Taxpayer Reference (UTR) number before the deadline to avoid penalties. 
 
💡 Pro tip: Don’t leave it to the last minute! A tax advisor can help you avoid overpaying and make the process stress-free. 
 
#Landlords #SelfAssessment #RentalIncome #TaxTips #HMRC #LandlordTax #PropertyInvesting #PropertyManagement #JSB 
 
As a family-run company, we pride ourselves on providing a bespoke service tailored to your particular needs. 
 
Above all, our objective is to save you time, money and effort in managing your accounts, leaving you free to focus on building your business. 
 
Remember, you’re not alone, we’re always here to help if you have an accounts problem or query. 
This content will only be shown when viewing the full post. Click on this text to edit it. 
Share this post:

Leave a comment: