{"id":1990,"date":"2013-01-24T12:10:13","date_gmt":"2013-01-24T12:10:13","guid":{"rendered":"http:\/\/blog.legal4landlords.com\/?p=1990"},"modified":"2013-01-24T12:10:13","modified_gmt":"2013-01-24T12:10:13","slug":"hmrc-deadline-looms-for-landlords","status":"publish","type":"post","link":"https:\/\/dev.withcreative.co.uk\/lforl\/hmrc-deadline-looms-for-landlords\/","title":{"rendered":"HMRC Deadline Looms for Landlords"},"content":{"rendered":"<h2 style=\"text-align: center;\"><span style=\"color: #ff0000;\">Tax Year Deadline is 31<sup>st<\/sup> January 2013<\/span><\/h2>\n<p><a href=\"http:\/\/blog.legal4landlords.com\/wp-content\/uploads\/HMRC_TaxReturn.bmp\"><img decoding=\"async\" loading=\"lazy\" class=\"alignleft  wp-image-1991\" title=\"HMRC_TaxReturn\" src=\"http:\/\/blog.legal4landlords.com\/wp-content\/uploads\/HMRC_TaxReturn.bmp\" alt=\"HMRC Deadline Looms For Landlords\" width=\"198\" height=\"119\" \/><\/a>Despite all the awareness campaigns and TV advertising, Her Majesties Revenue &amp; Customs (HMRC) repeatedly attempt to tell us that completing a self assessment tax return doesn\u2019t have to be taxing!<\/p>\n<p>However, as anyone who has ever completed a self assessment tax return will tell you, the evaluation of personal income for the tax year and the amount of time needed to complete a self-assessment form, either on paper or online can be very considerable.<\/p>\n<p>When managing a single property or declaring a growing rental property portfolio, it can be hard work to set aside the time needed to tick all the right boxes.<!--more--><\/p>\n<p>However, the 31st January is the deadline for all self-assessment returns for the year 2011-2012 to be filed and, if you\u2019re a <a href=\"http:\/\/www.legal4landlords.com\/landlord-services\/\">landlord<\/a> who utilises the self-assessment facility, the time has come to get busy with your tax return.<\/p>\n<h2 style=\"text-align: center;\"><span style=\"color: #ff0000;\">Avoid HMRC Fines \u2013 Spend A Little Time Preparing Your Figures<\/span><\/h2>\n<p>Failure to file your self assessment tax return before the 31<sup>st<\/sup> January 2013 will incur mandatory fines and the HMRC penalty regime has become considerably stricter over recent years.<\/p>\n<p>A penalty is immediately issued for failure to hand in the return on time and, if you\u2019re especially late, you\u2019ll find yourself subjected to tax-geared penalties.<\/p>\n<p>That could result in fines adding up to many thousand pounds. Spending an hour or so sorting things out to avoid these penalties could save more than you think!<\/p>\n<h2 style=\"text-align: center;\"><span style=\"color: #ff0000;\">Making Proper Deductions<\/span><\/h2>\n<p>The first rule of prudent tax\u00a0is to ensure that you\u2019re declaring everything, but don\u2019t be too shy about making the appropriate deductions. <a href=\"http:\/\/www.legal4landlords.com\/insurance-services\/\">Landlord insurance<\/a>, certain repairs, damages and bank interest are all costs you have to suffer and your taxable profit should include these deductions.<\/p>\n<p>If you\u2019re struggling to complete your return, the best thing to do is to contact an independent financial advisor (IFA)\u00a0or property tax specialist.<\/p>\n<p>There are plenty of specialists that will be able to help you despite the short timeframe. However, you may well be paying higher fees than you would have otherwise expected, but it is worth remembering that all the best tax consultants will be flat out at this time of year!<\/p>\n<h2 style=\"text-align: center;\"><span style=\"color: #ff0000;\">Paying tax in the UK is inevitable so landlords should resign themselves to making the best of it.<\/span><\/h2>\n<p>If you have any pressing priorities this week, make completing your HMRC self assessment tax return one of the most important, time and the tax man waits for no-one!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tax Year Deadline is 31st January 2013 Despite all the awareness campaigns and TV advertising, Her Majesties Revenue &amp; Customs (HMRC) repeatedly attempt to tell us that completing a self assessment tax return doesn\u2019t have to be taxing! However, as anyone who has ever completed a self assessment tax return will tell you, the evaluation [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":11204,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1398,3],"tags":[1528,1529,1530,570,1531,1532,63,39,89,1533,95,1046,1534,1535,158,1536,1537,831,91,1538,1539,1540,1541,760],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>HMRC Deadline Looms for Landlords - Legal 4 Landlords News<\/title>\n<meta name=\"description\" content=\"Landlords and businessmen across the UK face a race against time to get HMRC self assessment tax returns completed and filed before the 31st January deadline\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dev.withcreative.co.uk\/lforl\/hmrc-deadline-looms-for-landlords\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HMRC Deadline Looms for Landlords - 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