Now we’ve reached 2022, here’s a reminder of two tax changes that will directly affect Landlords this year.
Change 1 – Self-Assessment Tax Returns
Monday 31st is the deadline for Landlords’ online self-assessment tax return for the 2020 – 2021 tax year. This will be the first on which the new mortgage interest tax relief credit applies. This credit means Landlords can now only offset 20% of their mortgage interest payments against tax.
Change 2 – Capital Gains Tax
The announcement made about Capital Gains Tax in the Budget is now in effect. The deadline for reporting and paying Capital Gains Tax on the profits of additional properties is now 60 days, as opposed to 30 to report and pay the bill when selling a buy-to-let unit.
For more information about these changes and your responsibilities as a Landlord, feel free to get in touch with our branch on 01223 352225 and speak to our team of experts.