What Property Managers Must Do Before the Next Tax Year

The new tax year is coming. Here’s what to do before April 6th.

Tax Year Deadlines

Key Dates

• April 5th — End of tax year
• April 6th — New tax year starts
• January 31st — Online return deadline

Why Preparation Matters

• Last chance to minimise tax
• Start fresh in new year
• Avoid the January rush

What to Do Now

1. Complete This Year’s Records

Before April 6th:

• Reconcile all income
• Enter all expenses
• Verify final numbers
• Generate reports

2. Review This Year’s Performance

Look at the year just ending:

• Total income
• Total expenses
• Net profit
• Tax position

3. Plan for Next Year

Before April 6th, decide:

• Goals for the new year
• Property investments
• Expense strategies

4. File On Time

Even if not ready:

• File for extension if needed
• Don’t miss January 31st

Property-Specific Tasks

Check Your Properties

• All income recorded
• All expenses entered
• No missing transactions

Check Your Landlords

• Provide their reports
• Collect any missing info
• Confirm tax positions

Check Your Records

• Back up everything
• Verify access
• Check for errors

New Tax Year Actions

From April 6th

• New record system starts
• New file for new year
• Fresh start

During the Year

• Monthly reconciliation
• Quarterly reviews
• Track regularly

FAQ

What happens if I don’t prepare?

Rushed filing = errors = penalties.

Can I change my year-end date?

Usually no for property.

What about incorporation?

Get advice before the tax year ends.

Prepare now. Avoid the rush.

Try HMRC Reporter: https://hmrcreporter.com

Related: “Year-End Checklist for Airbnb Hosts” covers specific hosting tasks.

Why This Matters

Understanding this topic properly is essential for staying compliant with HMRC and avoiding costly mistakes. The rules around property tax can be complex, but getting them right saves you money and stress.

Key Points to Remember

• Track all income from all sources
• Keep proper records for at least 6 years
• Report accurately on your Self Assessment
• Use professional software when possible

Common Mistakes

Many property managers and landlords make these errors:

• Not tracking all income streams
• Missing deadline dates
• Not keeping proper records
• Claiming wrong expenses

How to Get It Right

1. Use software to track income and expenses automatically
2. Keep records of all transactions for at least 6 years
3. File on time - 31st January deadline
4. Get help if you’re unsure

FAQ

“Do I need to declare this?”

Yes - if it’s income from property, it needs to be declared to HMRC.

“What expenses can I claim?”

Allowable expenses include repairs, insurance, utilities when let, agent fees, and professional costs.

“What happens if I get it wrong?”

HMRC may charge penalties and interest. In serious cases, they may investigate.

Summary

This area of tax is important for all property managers and landlords. Stay informed, stay compliant, and consider professional software to help.

Simplify your HMRC reporting. HMRC Reporter connects to platforms, tracks all your property income, and generates accurate reports - saving you time and reducing errors.

Try HMRC Reporter today