{"id":14935,"date":"2018-04-11T12:15:25","date_gmt":"2018-04-11T11:15:25","guid":{"rendered":"https:\/\/www.buyassociation.co.uk\/?p=14935"},"modified":"2018-04-11T12:15:25","modified_gmt":"2018-04-11T11:15:25","slug":"new-guidance-on-tax-for-landlords-has-been-released-by-hmrc","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-gb\/2018\/04\/11\/new-guidance-on-tax-for-landlords-has-been-released-by-hmrc\/","title":{"rendered":"New guidance on tax for landlords has been released by HMRC"},"content":{"rendered":"
Working out the various tax implications involved in being a buy-to-let landlord or property investor can be a minefield, particularly as regulations continue to change.<\/strong><\/p>\n The majority of landlords who earn money<\/a> through renting out a property will need to pay income tax on the profits, which involves registering for self-assessment through the government’s website by 5 October following the tax year of your first rental income.<\/p>\n The amount of tax owed is worked out based on how much profit<\/a> you make, as well as your personal circumstances, and an updated version of this information has just been released on HMRC’s website<\/a> to improve clarity surrounding the hurdles<\/a> faced by landlords and investors.<\/p>\n Since April 2017, the government has been gradually phasing in new restrictions on how much tax relief<\/a> landlords can claim from their mortgage and loan repayments and overdrafts related to the property – which will reduce from 100% down to 0% by 2021. Alternative finance returns, fees and other incidental costs involved in obtaining financing, and discounts, premiums and disguised interests are also affected by the changes.<\/p>\nHow the tax relief will be phased out<\/h4>\n