Landlords face more taxation changes in the new tax year, with the phasing out of mortgage interest tax relief reaching its final stage and capital gains tax undergoing a series of tweaks.
The new rules coming into force at the start of the new tax year have been on their way for some time, but they could have a significant effect on the tax burdens facing property investors.
Here, Which? explains the changes landlords need to be aware of as we enter the 2020-21 tax year.
From 2020-21, landlords will only be able to offset 20% of their mortgage interest payments when filing their tax returns.
The change marks the final chapter in the government's tapering off of mortgage interest tax relief, a process that's been underway since 2017.
The 2020-21 tax year also brings a significant change to how capital gains tax (CGT) is paid.
You'll usually need to pay CGT if you make a profit when selling an investment property, but how much you'll pay depends on the size of the profit and your financial circumstances.
Until now, landlords have been able to declare any CGT liabilities in their next annual tax return, potentially giving them well over a year to pay the bill.
Now, however, landlords must declare and pay any CGT liabilities using the government's new online service within 30 days of selling the property.
These two deductibles are only available to landlords who once lived in the investment property themselves, so they won't apply to a large proportion of buy-to-let landlords.
If you once lived in your investment property, you wouldn't need to pay CGT for the years you lived there when you come to sell.
Under the current rules, you'll also be exempt from CGT for the final 18 months you owned the property, even if you didn't live there yourself.
But from the 2020-21 tax year, the 18 month period will be cut to nine months.
Landlords could also benefit from CGT relief of up to £40,000 when selling an investment property that was once their home - even if they hadn't lived in it for many years.
Under the new rules, however, investors will need to live in the property themselves when they come to sell it.
This change effectively removes letting relief as a deductible for the vast majority of landlords when filing their CGT returns.
The next tax return you'll file will be for the 2019-20 tax year. The deadline for paper returns is 31 October 2020 and for online returns, it's 31 January 2021.
While some of these changes could increase your tax burden, it's not all doom and gloom.
Landlords whose tenants face financial hardship can apply for a three-month mortgage payment holiday. The government says this break should be passed on to tenants in the form of rent deferrals, and that both parties should then work together to arrange a repayment plan for any arrears.
If you were thinking of growing or cutting down your portfolio this year, this too will have been affected by the outbreak.