Reporting Taxes Every 3 Months?

Reporting Taxes Every 3 Months?

Quarterly Reporting Coming?

Reporting Taxes Every 3 Months?

It has recently been reported that Landlords, the self-employed and small businesses will need to report their taxable income every 3 months instead of annually; a move likely to place an increased burden on already hard-pressed Landlords.

The change was reffered to in the last budget and indicates that those earning £10000 and over from rental income may have to report their tax online - and it is likely to be a quarterly, rather than an annual requirement. 

Graham Jolliffe, Director of Maher Ross said "If this legislation is confirmed, then it will simply further increase the already hefty adminstrative burden Landlords are under.  We are very well positioned to provide all the information needed for our Fully Managed Landlords but unfortunately our Tenant Find Landlords are likely to find it more demanding".

Further information can be found from the National Landlords Association:

https://nlauk.wordpress.com/2016/11/03/quarterly-tax-returns-for-landlords/