As a landlord HM Revenue and Customs requires you to complete a self assessment tax return for each tax year within which you receive income from your property.
You can register with HMR&C for self assessment. Once you have registered you can then complete your return. If you hold your rental properties in a limited company you will need to register for Corporation Tax. This guidance is for landlords who hold their properties as individuals.
The deadline for submitting your 18.19 tax return online is 31stJanuary 2020. The deadline for paper returns was 31stOctober 2019. If you need to register to submit your self assessment tax return online, contact HMRC, https://www.gov.uk/log-in-file-self-assessment-tax-return.
To fill in your tax return you will need to collect information regarding all the income you have received throughout the tax year. You can log onto our system to download your rent statements which will show the rent received.
You can then deduct expenses incurred. Expenses for landlords can take many forms including;
Property Repair and maintenance costs
Letting Agent fees
Service charges if you pay this
Replacement of domestic items
Your Langford rent statement will detail our fees and any other maintenance charges which we have deducted from your rental income. Copies of your invoices can also be found on your account. If any are missing, please let us know.
If you have not declared rental income from previous years you can declare it the HMR & C. You may be charged a penalty, but if you are the penalty will be lower than one charged if HMR&C discover the income.
Monday to Friday 9 am to 5 pm
Saturday 10 am to 1 pm.
Sunday and Bank Holidays Closed
Viewings available outside these times by arrangement.
Visitors are always welcome during office hours. We may even pop the kettle on.
At odd times we have to close the office without warning so please call ahead to ensure we are in.
138 Colman Road, Norwich NR4 7AA.
Norwich 01603 627107
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