Register for Self Assessment ahead of October deadline
With the deadline for registration fast approaching, now is the time to start thinking about your Self Assessment tax return.
Landlords who have not previously registered for Self Assessment, but have received rental income this financial year have until 5th October to register for Self Assessment with HMRC.
If you completed Self Assessment last year, there is no need to register again. However, newly self-employed individuals must tell HMRC about new work or business.
The deadline to inform HMRC you will be submitting a tax return is 5th October and you can do that by clicking here. To check if you need to submit a Self Assessment tax return, click here.
You can also access guidance and support from HMRC when it comes to filling in your tax return here.
The NRLA also has its own guidance for members, which is available here.
Who has to fill out a form
With 60% of the UK's 5.8 million self-employed having multiple income sources, there's often confusion over tax status and reporting requirements, but anyone receiving income from rental property will need to submit a return .
Self-employed individuals must also register as sole traders with HMRC. Once registered, file your return by 31 January 2026 – submitting your tax return early means you can spend more time building your business and less time stressing about outstanding admin. It also reduces the risk of paying fines – there are specific penalties for late submission of your tax return.
If you've stopped being self-employed, tell HMRC before 31 January 2026 to avoid penalties. Find out how on GOV.UK.
Making Tax Digital
There is more change up ahead, with the Government's Making Tax Digital (MTD) scheme set to roll out to landlords from next year.
This will require those of you earning more than £20,000 a year from your property businesses to use new, Government-approved software to record and submit tax returns.
Those of you with an income of more than £50,000 or more in the 2024-2025 tax year must register for MTD from next year, with the figure reducing to £30,000 by 2027 and £20,000 in 2028.
Making Tax Digital will also require you to submit quarterly updates with the documents in May, August, November and February each year.
An additional final declaration, similar to the current Self Assessment return, including any non-business income, will then need to be submitted by the current 31st January deadline, to confirm the accuracy of your submissions and allow you to claim any allowances or reliefs.
The NRLA has produced a comprehensive guide on Making Tax Digital which explains the changes and when you will be affected.
More information
For more information and support regarding landlord tax the NRLA’s award-winning training academy runs a number of specialist tax courses. For more information click here.
