Landlords renting UK property need to do some simple but essential admin to ensure their tax reporting goes smoothly. Registration for the Non Resident Landlord Scheme needs to be done by any landlords living outside the UK, and Self Assessment for tax also requires registration by all landlords with HMRC. Tax returns needs to be submitted on time, and so does past tax due, as well as an amount towards the following year’s liability. There are clear guidelines to help with these items.

Key Takeaways:

• make a submission to HMRC to have the rent paid without withholding tax
• Tax returns that are submitted later than 31 October will accrue punitive penalties
• Any excess tax paid will be refunded when you submit your tax return for that year while any additional tax will be due on 31 January following the end of the year

“If you have just bought your first property in the UK there are certain actions and dates that you should not forget.”

https://www.buyassociation.co.uk/2016/11/23/buying-first-uk-property-un-complicate-tax-reporting/