TAX TITBITS - 29.03.2007

Are landlords self-employed?

Landlords scare. Part of the Taxman’s website says that “landlords should register with the Taxman within the first three months of starting up a new business”. This confuses a rental business with being self-employed, for which there is a three-month notification deadline.

The truth. In fact, landlords have to request a tax return if they do not already get one each year. They should include the income when they complete it and send it in to the Taxman by the following January 31.

If you hear a rumour that landlords need to register with the Taxman as self-employed, dismiss it out of hand. Once again the Taxman has got one of his “helpful” guides wrong.

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