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Tricks to Reduce Your Property Tax Burden

by Vidit Agarwal Marketing Director

Whether you own a property, or you are planning to purchase one or thinking of selling one, you will always need a property tax advisor who can play a crucial role in saving thousands of pounds for you annually. The specialists in property tax have got vast experience in the field of property taxation to assist you in maximising your return on investment (ROI) or using intelligent means to help you save tax.

The property tax advisors are the most on-demand professionals when the matter is related to your rental incomes or property capital gain tax. Whatever your demand is related to your property tax and tricks for lowering your taxes, these advisors have comprehensive information that also includes allowances and rates. The advisors play an important role because most of the property owners lack adequate understanding of the tax system. No matter how well-read and well-informed they are, when it comes to comprehending taxes, they find it most tormenting. However, it is advisable that you know your taxes and liabilities well to save your money from spending on advisors.

Before we start revealing the five tax-saving tricks for you, as a landlord or property owner to avoid income tax liability, here are the important dates and deadlines for submitting your tax returns and tax liability due:

Remember These Important Dates

Last Date for Property Transaction Submission

You must declare your property transaction to HMRC between April 6 (present years) and April 5 (next year) annually, for HMRevenue & Customs (HMRC) to calculate your property tax liability for you. However should not exceed September 30 of every year. HMRC notifies of any property tax you are liable or that is due which has to be paid by 31 January every year.

Last Date to Notify about Rental Incomes

 You should inform HMRC within six months of the end of the previous tax year about the rental income profits your generated (taxable income). This is if you made income from house/property rentals in the financial year, then you have to inform HMRC.

Last Date If you are Calculating Tax Liability Yourself

The last date of submission of tax returns is 31 January of every year if you employ a taxation expert or you calculate your property tax liabilities all by yourself. Moreover, this deadline is not only for the submission of complete tax returns but also payment of all taxes without fail. 

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About Vidit Agarwal Committed   Marketing Director

363 connections, 14 recommendations, 1,640 honor points.
Joined APSense since, August 31st, 2017, From Harrow, United Kingdom.

Created on Aug 31st 2021 09:04. Viewed 207 times.

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