Landlords must ACT NOW to reduce tax payable on account this JULY

Landlords must ACT NOW to reduce tax payable on account this JULY

10:23 AM, 5th May 2023, About 12 months ago

Text Size

Payments on account are advance payments towards your tax bill for the following year based on the tax you owed in the previous year. These payments are due in two instalments, one on January 31st and the other on July 31st.

If you expect your tax bill to be lower in the current tax year than in the previous year you may be able to claim a reduction in your payments on account using the SA303 form. You will need to estimate your current year’s tax liability and explain why you expect it to be lower than the previous year. One example is that as a result of interest rate rises, the 20% tax credit you can claim against finance costs will be larger than in the previous tax year. On this basis, every private landlord with a mortgage should be filing an SA303 form, so be sure to discuss this with your Accountant.

To make this claim, you or your Accountant must complete the SA303 form and send it to HMRC. If HMRC approves your claim, your payments on account will be reduced.

This will also apply if you have recently incorporated or otherwise restructured your business or if you do so before 31st July.

If you still haven’t booked a landlord tax planning consultation with Property118, now is a great time to do it. WHY? Because if you implement any recommendations we make before July, you are still in time to reduce your July payment of tax due on account. Furthermore, Property118 offers a guarantee of total satisfaction or a full refund in regards to all landlord tax planning consultation bookings. We welcome you to include your accountant in the landlord tax planning consultation process, especially at the point when we make recommendations. We are NOT Accountants, nor are we competing for their business. In fact, a significant proportion of our work is referred to us by Accountants whose clients we have previously assisted. Check out the Testimonials we have received from happy Clients and their professional advisers.

Book a Landlord Tax Planning Consultation

  • Hidden
  • Hidden
    Please provide an overview of your circumstances and what you are looking to achieve.
  • For the avoidance of doubt, we are able to assist landlords who own properties in England, Northern Ireland, Scotland and Wales. Where you reside is not a problem, even if you are resident outside the UK.
  • Landlord Tax Planning Consultancy is the core business activity of Property118 Limited (in association with Cotswold Barristers).

Share This Article


Landlord Tax Planning Book Now