As the self-assessment deadline approaches, HMRC is urging landlords to ensure they've accurately reported their rental income. If you've overlooked any income or claimed incorrect expenses, it's crucial to address the issue promptly.
Common Mistakes Landlords Make
HMRC has identified several common mistakes that landlords often make:
Failing to declare rental income from inherited properties.
Overlooking rental income generated from properties rented out while living abroad.
Incorrectly claiming expenses or allowances.
Misunderstanding tax implications of shared ownership and rental arrangements.
What Should You Do?
If you believe you may have underpaid tax on your rental income, you should:
Contact HMRC: Reach out to HMRC to discuss your situation and explore your options.
Gather your records: Collect all relevant documentation, including rental income, expenses, and bank statements.
Seek professional advice: Consult with an accountant or tax advisor to ensure accurate calculations and compliance.
Daykin Scott Accountants is here to help. If you have any questions or concerns about your tax obligations as a landlord, please contact us. We can provide expert advice and support to ensure you comply with all tax laws.
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