Any landlord who has received a rental income – excluding profit – of more than £2,500 in the tax year to 5 April 2015 must have registered with HMRC.

If landlords fail to register by the deadline and submit a tax return by 31 January 2016, or 31 October 2015 for a paper tax return, a fine will be issued by HMRC starting at £100 for being one day late, escalating further if three months late or more.

For those with a rental income of less than £2,500, the PAYE system for landlords can be used for those who are working, or in receipt of pension income.

Moore Blatch explained that a tax return for the most recent tax year would need to be submitted for landlords registered by 5 October, or three months from the date on which HMRC issue the notice to submit a tax return.

Andrew Turner, director at Commercial Trust, said while existing landlords were generally familiar with the deadline imposed by HMRC, landlords could benefit from regular tax and accountancy advice.

“All landlords – particularly new entrants to the market who have not had to complete self-assessment tax returns in the past – can benefit from regularly consulting tax and accountancy professionals to ensure that they have not missed any important considerations,” Turner said.

Terry McCutcheon, group chief executive, The Finance Planning Group, added: “As part of our mortgage advice process, advisers from The Finance Planning Group will always remind potential landlords that a buy-to-let property is an investment and as such they should declare it on their self-assessment return. In addition, our advisers would always recommend that landlords, particularly new ones, should seek further advice from their accountants and consider the tax implications of owning a buy-to-let property, particularly in light of the recent changes to claiming tax relief.”

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