Tax return deadline approaching
Property professionals
29th January 2009
Landlords have been reminded that the deadline for filing their tax returns is approaching.
The Self Assessment Tax Return, which should include a declaration of all income, expenditure and costs, needs to be submitted by Saturday (January 31st).
Landlords who fail to post their tax returns could face a large fine from the taxman.
According to John Heron, managing director at Paragon Mortgages, good tax planning is vital to avoid an unexpected tax demand.
"How you implement, manage and run your tax affairs could have a major impact on your property investments and their financial profitability," he commented.
Paragon Mortgages advises landlords to set up a separate bank account for their lettings business register with HM Revenue and Customs.
In related news, the National Landlords Association has claimed that many landlords in London and the south-east are being charged fees of around 11 per cent for renewing their properties on a "let only" basis.
