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The monthly magazine providing news analysis and professional research for the discerning private investor/landlord

The Importance of Being Early…With Your Tax Return!

Accountant and property investor Stephen Fay looks at why procrastinating can cause problems

Autumn is upon us and for many investors this means turning their attention to their annual property and accounts and tax returns. It's a job that no-one enjoys dealing with and it is human nature to leave to the last minute, but there are huge benefits to completing this property task earlier rather than later.

Aren't tax returns due by January - plenty of time?
The vast majority of landlords operate their property business as individuals, so for tax purposes they are known as 'private landlords'. This means that by default their accounts and tax year-end is 5th April, and their personal tax return is due for filing with HMRC by 31 January each year. This gives landlords almost 10 months to file their tax return.

So what's the point of getting my tax return in early?
There are lots of benefits of completing your annual accounts & tax returns early, including the following:

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