Landlords running out of time to beat tax deadlineMake Text Bigger
Landlords who need to file an online tax return to meet the January 31 deadline are running out of time.
Only 25 working days are left if the landlord needs help or advice from an accountant – and this could shrink to a lot less time if the taxpayer has to set up online filing with HM Revenue and Customs.
The taxman is warning anyone sending an online tax return for the first time needs to register quickly to meet the deadline.
HMRC is now only accepting online filing as the deadline for paper returns has long gone for this tax year.
To file a return online for the first time, taxpayers must register at www.hmrc.gov.uk/online.
Only 25 working days left to file a return
After registration, an activation code is posted that can take up to seven working days to arrive – and this does not take in to account bad weather and the Christmas mail.
No returns are accepted online until the activation code is input.
Even if taxpayers have an adviser to file a tax return online, they will still need a ‘UTR’ or ‘unique tax reference’ otherwise the HMRC online system will reject the filing.
The UTR is on correspondence from HMRC or taxpayers can contact HMRC and ask for the reference – like the activation code, a UTR is sent in the post.
Anyone who has not started property rental accounts has only 25 working days left to work out the figures and fill in a tax return.
The Money Centre Property Tax Service can still help landlords to complete and file their tax returns – but can only guarantee beating the deadline if landlords book a place quickly.
Late self-assessment tax returns attract an automatic £100 penalty unless the taxpayer has a reasonable excuse for failing to meet the deadline.
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