With the January self-assessment tax deadline fast approaching, HMRC is providing online tutorials for landlords who need to brush up on their tax knowledge. The tutorials are designed to help landlords work out how much tax they owe on any properties they own. Landlords can use the tutorials to get their accounts in order and stay on track going forward.
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Tutorial Topic The tutorials include topics such as telling HMRC you are letting out properties, what records landlords need to keep, how to submit a self-assessment online, paying HMRC, growing a business, and capital gains tax.
The rules have changed in recent years, so new landlords may not know what their allowable expenses are. Some expenses, for example general maintenance costs, utility bills, insurance, legal fees, accountancy fees, marketing costs, etc., are all allowable expenses. Personal expenses, private telephone calls, mortgage capital repayments, are not allowable expenses.
Consult an Expert If you’re unsure or your property portfolio includes overseas properties or commercial properties, it is sensible to consult with an experienced accountant.
The deadline is January 31st, and late submissions will be subject to a fine.
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