Quarterly Tax Returns
Has RLA published any advice yet about quarterly tax returns? Every self-employed person or every landord is supposed to be doing these by 2020. Will there be any opt-out for those who have a good record of on-time returns and prompt tax returns?
Quarterly tax returns for landords could be a nightmare. If you have say a gas check do you have to proportion the annual cost out for each quarter. Similarly If you replace a worn-out carpet will this cost have to be proportioned over each quarter? On the income side if someone moved in mid May one year, you gave them a discount, and they then paid 6 months rent in advance for their 6 month tenancy then would you have to proportion this income over 3 quarters?
I am not sure whether these quarterly tax returns will treat each period as a completely separate tax return and I end up with 4 tax bills, one for each quarter OR are each return (apart from the last), just a running total and the final 4th quarter return is in effect the final tax return?
Any input from RLA or an accountant would be most helpful.
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