Tax dates and deadlines might not be the most interesting part of being a landlord, but they are a somewhat inevitable reality for anyone earning a living in the UK. For landlords, different tax requirements can seem particularly complicated, however self-assessment is a necessary obligation whether you’re running your own business, are self-employed or have other sources of income.
You can see a list of tax dates and deadlines for 2018 to 2019 here, which details key monthly information for submitting payments and organising returns.
If you’re a landlord who is already in the self-assessment tax system, today, the 31st of July, is when the second payment is due. The deadline comes up at midnight tonight, and is the second of two payments due annually, the previous one being on the 31st of January.
What are the payments needed?
‘Payments on account’ are advance payments towards your tax bill, and you have to make two payments each year, unless:
- Your last self-assessment tax bill was less than £1,000
- You’ve already paid more than 80% of the taxes you owe, such as through your tax code, or because your bank has already deducted interest on your savings
How do I pay this?
If you have not paid, you can do this by going to the Personal Tax Account section of the Gov.uk website, and either logging in with your existing Government Gateway User ID, or creating an account.
You can see your Self-Assessment statement on your online account, as well as any payments you’ve already made, and any payments needed for the next bill. It can be confusing and taxes are something necessary to get right to avoid further bills in the future, so contact an accountant for any troubles or queries regarding what you owe.
What if I miss the deadline?
You could face fines of up to £100 for not paying your tax on time, as well as interest being charged on any outstanding amounts.