A law firm has
highlighted another approaching deadline for landlords, which it says
is particularly important to those new to letting property.
Legal and tax
adviser Moore Blatch has warned new landlords not to miss the October 5
deadline for registering for self-assessment.
Any landlord
that has received a rental income (not profit made) of more than £2,500 in the
tax year to 5 April 2015 must have registered with HMRC.
Failure to
register by October 5 and submit a tax return by January 31 will result in a
fine by HMRC.
The fines start
at £100 for being one day late and escalate after weeks and months.
Moore Blatch
says that rental income of less than £2,500 can be dealt with by the PAYE
system for landlords who are working, or in receipt of a pension.
“Many new
landlords may not be aware that they must register for self-assessment and
failure to do so can create significant financial penalties,” says Tom Lacey,
chartered tax adviser at Moore Blatch.
He says
registering online is a fairly simple process.
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