Self-assessment tax guide
Where does the time go? It was not long ago we were enjoying the summer sun, and then all of a sudden another tax return deadline comes speeding towards us. For new landlords, the whole self assessment tax system can appear rather baffling at first glance. This is perhaps emphasised by the sheer level of landlords caught out by the Let Property Campaign with past undeclared profits. Nevertheless, whilst tax legislation is vast, this self assessment tax return guide by RITA4Rent is a useful introduction and sets out to advise landlords on the basics of the self assessment tax system, helping them to navigate their way in the most simplest way.
The guide explores:
- What exactly is a self assessment tax return
- How to register for self assessment
- Who needs to fill in a tax return, and when
- What type of income is reported
- Interactions with PAYE coding notices
- Payments on account, and whether these are applicable to you
- Expenses which may be claimed to help you save tax
- Record keeping
- Capital Gains Tax on sale of your investment property
- Overview of recent tax changes
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