August 16

HMRC Tax Warning for Landlord Self Assessment


The rising popularity of serviced apartments attracts guests seeking hotel-like comforts while maintaining their privacy. To stand out among the competition and increase profitability, it’s crucial to enhance your marketing strategies for your multiple properties in town.

HMRC has crafted a manual for self-assessment by landlords and property experts. Below is the complete guide. As the year swiftly progresses, the window is closing to determine if you must file a Self Assessment tax return for the 2022 to 2023 tax cycle.

For first-time registration, the deadline to inform HM Revenue & Customs (HMRC) is 5 October 2023.


Is there a method to verify if I need to file a Self Assessment tax return? 

Several factors influence this, causing uncertainty. Luckily, HMRC offers extensive assistance. Employ the free online tool on GOV.UK for a swift evaluation of whether a tax return is necessary for the tax year ending 5 April 2023.


I’ve never filed a Self Assessment before. Why would I have to do it now?

Various factors might lead to your inaugural tax return. Some are clear:

  • Commencing self-employment and earning over £1,000
  • Holding diverse income sources
  • Gaining untaxed revenue, e.g., from online content creation
  • Gaining property-related income

Others are subtler:

  • Joining a business partnership as a new partner
  • Applying for Child Benefit with an annual income above £50,000 for you or your partner
  • Earning over £100,000 annually
  • Receiving interest surpassing £10,000 from banks and building societies
  • Receiving dividends exceeding £10,000
  • Obligated to pay Capital Gains Tax
  • Being self-employed, earning under £1,000, but opting to pay Class 2 National Insurance Contributions voluntarily for pension and benefit entitlement protection

Your situation may have evolved since the previous tax year. Reflect on these changes, as they could necessitate completing Self Assessment. Access the free GOV.UK tool for a quick determination.


I’ve been filing Self Assessment for years. Why might it be unnecessary this year?

Your situation could have evolved, relieving you from a Self Assessment tax return. This might be due to:

  • Ceasing work or retiring
  • No longer being self-employed
  • Earning beneath the stipulated minimum income thresholds (related to the applicable tax)


Read more Property Investing News HERE


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