8 HUGE Mistakes Landlords Make with Tax Returns | Avoid These Costly Blunders!
Published 2024-05-30
Mistakes Covered in the Video:
Not Declaring Rental Income: Learn why it’s crucial to report all your rental income to HMRC and the consequences of not doing so.
Not Claiming Allowable Expenses: Find out which expenses you can deduct to reduce your taxable income and lower your tax bill.
Not Choosing the Right Tax Structure: Discover the benefits of different tax structures for your property business and how to choose the best one.
Not Utilising Tax Reliefs and Exemptions: Maximise your savings with the Rent-a-Room Scheme, Property Income Allowance, Capital Gains Tax Exemption, and more.
Not Planning for Capital Gains Tax: Understand how to plan ahead to minimise your capital gains tax when selling properties.
Missing out on Tax Changes: Stay informed about recent tax changes affecting landlords, such as mortgage interest relief restrictions and stamp duty surcharge.
Filing Tax Returns Incorrectly and Not on Time: Ensure your tax returns are accurate and submitted by the deadlines to avoid penalties.
Not Seeking Professional Advice: Learn the importance of getting help from a qualified property accountant to manage your tax affairs efficiently.
Avoid these common pitfalls and ensure you’re maximising your tax savings as a landlord. If you need personalised advice, don’t hesitate to contact us at UK Property Accountants.
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