Buy-to-let landlords: time to file your tax returns before 31 January deadline

 

Any income you made on property investment in the tax year 2018/2019 must be declared by the end of this month – and make sure you remember to factor in Section 24.

Every self-employed person in the UK must complete a self-assessment tax form through HMRC to ensure they are making the correct contributions. For buy-to-let landlords and property investors, even if property is just a sideline to your main employment, the same steps must be taken.

For accidental or new buy-to-let landlords, there is plenty of information on the government’s website on how to complete your self-assessment tax return.

However, even for well-accustomed property investors, it is important to be aware of changes to the process.

Section 24 mortgage interest tax relief

One of the biggest changes for landlords is the reduction in the amount of mortgage interest tax relief that can be claimed, which has been the subject of many discussions since the change was announced in 2015.

For the April 2019 tax year, the amount that can be claimed is reduced to 25% of mortgage interest payments. While the changes may not affect the bottom lines of basic rate tax payers, those paying the higher rate could see a reduction in profits when taking mortgage payments into account – although this will of course depend on the level of borrowing of each individual.

Fill in your self-assessment tax return here.

Highgrove Mews

High Net Yield Freehold Houses

  • Commutable to London (27 mins to central Paddington station)
  • Rental demand extremely strong with large industry presence in Reading
  • Freehold with 4% net yield

£284,955 - £457,000

St Petersgate – Stockport Manchester

New Launch - Stockport Manchester, apartments from £160,000

  • Discounted launch prices from £160,000
  • Excellent transport links with 3 trains per hour to London Euston and only 9 mins journey to Manchester Piccadilly
  • Experienced development team

Assured Rent Housing Association Leases

Assured Rent Housing Association Leases

  • Assured rent & no rental voids
  • Tenant damage cover & newly refurbished inline with requirements of a corporate sitting tenant
  • Free property and lettings management

From £62,000

Emerging Birmingham Commuter Town With Properties From Just £104,000

The emerging Birmingham commuter town where properties are selling in an average of just 24 days

  • A collection of 62 two bedroom apartments and 28 one bedroom apartments.
  • DE14 is one of the fastest selling postcodes in the West Midlands.
  • 23 minute train journey into Birmingham New Street Station.

Properties from £104,000

Mill, Stockport

The Northwest's emerging property hotspot

  • Discounted off-plan 2-bed prices from £162,000
  • Completion date - Q4 2021
  • Rental yields - 6% plus

Discounted off-plan 2-bed prices from £162,000

South Central – Birmingham City Centre Apartments

Highly anticipated 28 storey launch in Birmingham City Centre with an impressive roof garden and communal facilities.

  • 154 units across 28 storeys
  • Residential multi-media community room, gym, roof garden and sky cinema
  • Excellent future connectivity via the metro system to other key transport hubs and locations around the city

from £205,800

ba-

Talk to us

Speak to our UK property experts today: 

+44 (0) 333 123 0320

Open from 9am-6pm GMT

+852 9865 4446

Open from 9am-6pm HKT

Stamp Duty Calculator

.

Unlock members only investment opportunities and full development details. Join now – it’s free, quick and easy.

Login

Not a member? Sign up for free

HMRC tax

Buy-to-let landlords: time to file your tax returns before 31 January deadline

Example

By submitting your details via this online form you agree to be contacted via email/phone/SMS by Direct Marketplace Ltd t/a BuyAssociation in relation to property investment and property developments . We do not share your personal details with third parties.  To view our full Privacy Policy click here.