{"id":6028474,"date":"2020-01-07T09:15:13","date_gmt":"2020-01-07T09:15:13","guid":{"rendered":"https:\/\/www.buyassociation.co.uk\/?p=6028474"},"modified":"2020-01-07T09:15:13","modified_gmt":"2020-01-07T09:15:13","slug":"buy-to-let-landlords-time-to-file-your-tax-returns-before-31-january-deadline","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-au\/news\/buy-to-let-landlords-time-to-file-your-tax-returns-before-31-january-deadline\/","title":{"rendered":"Buy-to-let landlords: time to file your tax returns before 31 January deadline"},"content":{"rendered":"

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.<\/strong><\/p>\n

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<\/a> and property investors, even if property is just a sideline to your main employment, the same steps must be taken.<\/p>\n

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<\/a>.<\/p>\n

However, even for well-accustomed property investors, it is important to be aware of changes to the process.<\/p>\n

Section 24 mortgage interest tax relief<\/h4>\n

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<\/a> since the change was announced in 2015.<\/p>\n

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.<\/p>\n

Fill in your self-assessment tax return here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

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… Read more »<\/a><\/p>\n","protected":false},"author":1069,"featured_media":5931,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[2,26],"tags":[393],"class_list":["post-6028474","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buy-to-let-landlords","category-tax-mortgages-money","tag-income-tax"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.buyassociationgroup.com\/en-au\/wp-json\/wp\/v2\/posts\/6028474","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.buyassociationgroup.com\/en-au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyassociationgroup.com\/en-au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-au\/wp-json\/wp\/v2\/users\/1069"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-au\/wp-json\/wp\/v2\/comments?post=6028474"}],"version-history":[{"count":0,"href":"https:\/\/www.buyassociationgroup.com\/en-au\/wp-json\/wp\/v2\/posts\/6028474\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-au\/wp-json\/wp\/v2\/media\/5931"}],"wp:attachment":[{"href":"https:\/\/www.buyassociationgroup.com\/en-au\/wp-json\/wp\/v2\/media?parent=6028474"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-au\/wp-json\/wp\/v2\/categories?post=6028474"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-au\/wp-json\/wp\/v2\/tags?post=6028474"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}