Landlords given tax returns reminder

Posted: 17 Jan 2008 11:02:21 GMT


            Property News - Landlords given tax returns reminder

Buy-to-let landlords must meet their self-assessment tax return deadline of January 31st.

Buy-to-let landlords must meet their self-assessment tax return deadline of January 31st.

HM Revenue & Customs (HMRC) said that millions of people file their own tax returns but those who fail to stay on top of things face a fine.

The organisation pointed out that ten per cent of people failed to meet the deadline in 2007 and is warning against UK landlords following suit this year.

"The January 31st date applies to people who are already in the system, which will be mainly [those] who received a source of income where tax is not deducted at source… so that's the self-employed, landlords, company directors, and people with generally more complicated tax affairs," said a spokesperson for HMRC.

"If you've got a new business and you haven't told us about it within three months then a separate £100 penalty could apply, because you haven't followed the registration process," she added.

HMRC pointed out that self-assessment tax returns benefit landlords as the sums are done on their behalf.

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