Landlords 'should keep sight of tax deadline'

Landlords and others with "complicated tax affairs" should ensure that everything is done to meet this year's deadline for Self Assessment tax returns, Her Majesty's Revenues and Customs (HMRC) said today.

Most of those with income not deductible at source will have received their forms last April, it was claimed, but both known self-assessment earners and people who have recently initiated a new source of income should keep HMRC up to date.

According to HMRC, one in ten people failed to send in tax returns by last year's deadline, leaving many landlords with undeclared earnings and creating potential problems.

A spokesperson (female) for HMRC said: "About ten million tax returns are sent out each year; the January 31st date applies to people who are already in the system, which will be mainly [those] who received a source of income where tax is not deducted at source."

She added that for the self employed, landlords, company directors, and others falling into that category, "if they've got an new source of income that they've not told us about then the January 31st date [may not] apply to them, because they'll have to go through the process of registering with us".

Landlords have recently been provided with a new regulatory framework for deposits, as the up-front fee demanded of tenants can now be safeguarded by the Tenancy Deposit Scheme, ensuring quicker payback of what can be a crucial sum for renters.

Published 17th January, 2008

© 2008 Estates IT Limited