26^th January 2022

Don’t forget your self-assessment return

In the light of the Covid-19 pandemic and the associated pressure on businesses and their accountants, HMRC have extended the self-assessment filing deadline from 31 January to 28 February this year. While that may give landlords some breathing space, it’s important to note that the tax that is due still needs to be paid and that interest will be applied to late payments from 1 February.

The requirements for self-assessment compliance are summarised here.

As Andrew Ward, owner of Award Property Management, emphasises, the extension is useful, but shouldn’t be taken for granted. ‘Here at Award, we help our landlords comply with all necessary legislation, and self-assessment returns are no exception,’ comments Andrew. ‘Financial reporting is crucial for our landlords and that’s why – unlike many letting agents in Cambridge – we provide annual rental income and expenditure statements to help them complete their self-assessment returns. This is especially helpful for landlords who have other commitments and find it challenging to prioritise self-assessment and lay their hands on accurate financial information.’

Award Property Management are letting agents in Cambridge. If you are a landlord who would like to work with an agent who provides accurate financial information, please do get in touch. We’d be very happy to help.