A survey conducted for mortgage broker Property Master suggests that one in six landlords are unaware that 2019-2020 - tax assessments for which are due this month - is the last time they can deduct mortgage expenses from rental income. 

Since April 2017 the amount of mortgage interest payments landlords have been able to deduct as an expense has been gradually phased out. From April 2020 landlords were no longer able to deduct any mortgage expenses from rental income. Instead, landlords will receive only a tax-credit, based on 20% of their mortgage interest payments. 

Over 40% of landlords responding to the survey were also unaware of the changes in Capital Gains Tax made last year. Since April 6, 2020 there have been changes to how landlords need to declare and pay Capital Gains Tax. Anyone who disposes of a UK residential property that is not their main home and make a capital gain where there is tax to pay, now need to inform HMRC and pay the tax due within 30 days of completion. 

More than a third of landlords still thought they could put off declaring and paying Capital Gains Tax until their next tax return. One in 10 thought they had six months within which to settle.