Self Assessment doesn’t need to be painful.
10% off for NRLA landlords.
As a landlord, you’ve got more important things to think about than your taxes. So let us do them for you.
We’re offering NRLA members a 10% discount on your first tax return or tax advice purchase.
And we mean a few. After a couple of minutes of answering questions online we’ll have everything we need to start preparing your tax return.
That’s right, you’ll be matched with a real accredited accountant who is best suited to prepare your return. Plus, they’re on hand for questions whenever you need.
Once you’ve signed off your return, your TaxScouts accountant will submit your return with HMRC for you.
We also offer one-off tax advice from an accredited accountant. Want to be more tax-efficient? Need to get your head around your tax situation? We can help.
Book a tax advice consultation for 1-1 professional support by phone or video call.
£107, all in. Learn more
Filling out your annual return needn’t be taxing. This start-up aims to take the pain out of many people’s biggest headache.
The Times
You’re not alone. If you’ve got a question we’ve probably heard it before and have an answer. Or we can walk you through what to do.
It really depends.
Basically, the Real Time CGT return asks you to estimate how much your income will be for the year. If nothing significant changes and you don’t go over/under £50,000 a year (there are different CGT rates if you earn less or more than this), then you don’t need to do a Self Assessment.
However, if you lose a job or get a significant promotion, you might need to file a Self Assessment as well – by January 31st of the second year.
You don’t have to pay Capital Gains Tax (CGT) on property when:
What you can claim to reduce your CGT bill:
Registering for VAT as a self-employed is rare.
You only need to do it if:
Your UTR number is a Unique Taxpayer Reference that you get when you register for Self Assessment.
It consists of 10 digits (sometimes with a letter K at the end) and is issued to you by HMRC.
Check out our guide to getting a UTR.
If you’re self-employed, you can get up to £1,000 each tax year as a tax-free allowance. This is called the Trading Allowance.
Basically:
No – unless you also need to file a Self Assessment.
You need to file a Self Assessment if:
Not really. Anyone can use the Real Time CGT return for any capital gains (shares, cryptocurrencies, etc.), but only people selling property HAVE to use it – starting from April 2020.
As long as you also live there, you can actually claim the first £7,500 as a flat tax relief.
It’s called the Rent-a-Room Scheme, and it’s one of the best tax reliefs landlords can get.
If you earn under £7,500 from rent, you don’t even need to declare it or submit a Self Assessment tax return.
Again, the only condition is that you also live at the property.