Landlords - if you haven't already submitted your tax return you have less than one month to do it. On-line returns must be made by 31st January 2025 when you will also need to pay any first installment. Even if your rental property is in a limited company structure, you will still generally need to complete a tax return to declare that you are a director of that company, plus report any dividends.

 Some further tips on completing your return are:

•  Ensure that you include ALL qualifying expenses but exclude those that are not
•  Remember agency letting and management fees are taxable expenses
•  Rates, ground rents, insurance, repairs, maintenance, service charges, admin costs too
•  Check the box so that any tax is not collected via your PAYE code (unless you want that option)
•  You are out of time for a paper return (31st October) so it must be done on line
•  Take advantage of your £5,000 personal savings allowance and relief on pension contributions
•  Remember to keep records for 6 years in case HMRC need to inspect them
•  If you have sold a property and made a capital loss, make sure this is carried forward on your return
•  You cannot normally offset losses on rentals against other income
•  Contact us if you need an accountant to help you

Key One Property offer low cost letting and management services. 

NB: This article is not tax advice and you should consult a tax expert or accountant.