Dates for your Diary
This feature is courtesy of RITA4RENT, the RLA's specialist landlord tax advisors.
We cannot stress enough the importance of filing your taxes on time. With landlords firmly in the sights of HMRC, the last thing any landlord wants is to miss a deadline and then be either penalised or targeted under the Let Property Campaign, or worse still, investigated.
In recent years, HMRC have become more aggressive in penalising those who file and/or pay their taxes late, and in light of this, we summarise below a selection of dates for your diary in 2017/18. This should ensure you are aware of the full position, and that no deadlines are missed!
|31 July 2017||For those who are liable to "payments on account," this is when the second payment is due towards the 2016/17 tax year.|
|31 July 2017||Deadline to renew tax credits if applicable to you.|
|5 October 2017||If this is your first year as a landlord, this is the latest date you should register for self assessment if you need to prepare a self assessment tax return for the 2016/17 tax year.|
|31 October 2017||Deadline to file your 2016/17 self assessment tax return if you opt for paper filing.|
|30 December 2017||Deadline to file your 2016/17 tax return online if you wish to add your self assessment tax liability to a future tax code, assuming you meet the criteria.|
|31 January 2018||Online filing deadline for your 2016/17 self assessment tax return.|
|31 January 2018||Deadline for paying your 2016/17 self assessment tax liability.|
|31 January 2018||Deadline for paying your first "payment on account" towards the 2017/18 tax year if applicable.|
|28 February 2018||If you do not pay your tax by 31st January 2018, this is the deadline to avoid paying a penalty of 5% of the tax owed.|
|30 April 2018||If you missed the 2016/17 online filing deadline, this is the deadline for filing your self-assessment tax return to avoid the £10 per day penalties|
We hope the above is useful, and should you require any assistance in completing your self-assessment tax return, please do not hesitate to contact us.