Just two weeks to go to the self assessment tax deadline
Landlords are being reminded they need to file their self assessment tax return - and pay any tax owed - by 31 January.
Self Assessment is the process used to declare and pay tax owed on untaxed income and the HMRC has reminded landlords they must submit a self-assessment form if they are self-employed, have a total taxable income of more than £100,000 or need to pay the High Income Child Benefit Charge.
As of 6 January, an estimated 5.4 million people had yet to submit their return.
How can I register for Self Assessment?
If you are unsure as to whether you need to register, you can use the free online checking tool on gov.uk to check whether it applies to you. If you need to complete Self Assessment, you must register via GOV.UK.
If you are self-employed, you will need to register for Self Assessment and Class 2 National Insurance contributions.
If you’ve not used the online service before you’ll need two forms of evidence to prove your identity. This can include your UK passport and UK driving licence.
HMRC may also offer you a new identity checking app as an alternative, which lets you use the camera on your phone to confirm a match with your driving licence.
Once you have registered, HMRC will send you your Unique Taxpayer Reference (UTR). Keep this safe because you will also need to use it in subsequent years.
What information will I need before I start my tax return?
When you are ready to start your tax return you will need your UTR and National Insurance number, as well as details of your income, earnings, and other financial records. If you are unsure what records you need to keep to complete your Self Assessment, you can check on GOV.UK.
What is the deadline?
You must file your tax return and pay any tax owed by the January 31 deadline. If you miss it, you may incur penalties.
What support is available?
Filling out tax returns can seem arduous, but the NRLA has plenty of resources, including guidance on how to complete a tax return, allowable expenses and more.
To access the NRLA’s guide to self-assessment, click here. The HMRC has also released this video on filling in your tax return.
