Landlords: get your self-assessments in before 31 Jan

Posted: 15/1/2021

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Landlords have until 31st January 2021 to submit their self-assessments on line for their rental income. If late, HMRC can levy interest and penalties. 

The chancellor Rishi Sunak is being urged to extend it to provide further support to people amid lockdown.

The coronavirus crisis has created upheaval for many people, including agents, who may require more time to assess their finances in greater detail, according to tax and advisory firm, Blick Rothenberg.

They commented “with the various lockdowns that people have experienced since March 2020, many are struggling to get together the data that they need – often from third parties.  However, as things presently stand, if they are not able to finalize their tax returns by the 31st, they would be subject to automatic late filing penalties – even if there is no tax due.”

They say that the government should look at extending the deadline by at least four weeks – and potentially six or eight weeks. Extending the tax return filing deadline in this way will provide HMRC with more opportunity to actually issue tax return ID Numbers (Unique Taxpayer Reference Numbers), which are an essential requirement for tax returns to be filed electronically. The government has actually already shown some flexibility with the self-assessment tax system – for example regarding payments on account and balancing tax liabilities. Given the recent re-introduction of the lockdown, it would be sensible to show flexibility regarding the filing deadline too.

Key One Property client-landlords benefit from being able to receive a financial year statement which clearly sets out all income, fees and expenses. This makes it much easier and quicker to complete the return. 

BUT - don't delay on the hope that it will be extended - get it in.

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