To claim these tax breaks, you will need to keep accurate records of your rental income and expenses and report them to HM Revenue & Customs (HMRC) through a self-assessment tax return. You will also need to keep receipts, invoices, bank statements, contracts, and any other documents that support your claims.
You can file your tax return online or by post, but we recommend using the online service as it’s faster, easier, and more secure. You can also use online tools and calculators to help you work out your taxable income and tax liability.
The deadline for filing your online tax return for the 2023/24 tax year is 31 January 2024. If you file late or make any errors or omissions in your return, you may face penalties and interest charges from HMRC.
We hope this blog post has given you some useful information on how to save tax as a London landlord in 2023. However, please note that this is not a substitute for professional tax advice and you should always consult a qualified accountant before making any tax decisions.
If you have any questions or need any help with your rental property please feel free to contact us for a no-strings attached conversation.