We understand it can be difficult to keep up to date with the ever-evolving legal landscape in your effort to remain compliant. However, there’s no need to worry.
Just as in previous years, we’ve compiled a detailed list containing all the key dates and upcoming changes for landlords to keep an eye on throughout the year.
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Your landlord calendar for 2024
January
16th January – The Leasehold and Freehold (Reform) Bill enters the committee stage
The Leasehold and Freehold Reform Bill aims to make it cheaper and easier for existing leaseholders in houses and flats to extend their lease or buy their freehold.
22nd January – Increase in fines for Right to Rent non-compliance
Agents and landlords who knowingly rent properties to unauthorised migrants will face penalties of up to £5,000 per lodger and £10,000 per occupier for a first breach. Repeat breaches could cost them up to £10,000 per lodger and a maximum of £20,000 per occupier.
31st January – Self-assessment tax return deadline
Landlords who have to file self-assessment tax returns must do so by Wednesday, 31 January 2024. Learn more about the costs you can offset against taxes in our informative blog post here.
February
13th February – New Right to Rent code of practice and penalty hikes come into force
This order will establish how penalties for landlords who don’t comply with ‘right to rent’ laws will be determined. It will set out what factors will be taken into account when deciding the penalty amount under sections 23 and 25 of the Immigration Act 2014. Also, the maximum penalty amount is going up from £3,000 to £20,000.
March
1st March – Scotland: Deadline for improving the quality of private rented homes under the Repairing Standard
All privately rented properties will be required to have central heating, a kitchen with adequate space and facilities to prepare and store food, and common areas that are safe to use and properly maintained. Properties will also need a circuit breaker device that reduces the risk of electrocution and fire. Existing requirements for safe gas and electrical systems will be extended to other types of fuel.
6th March – Spring Budget
The Spring Budget is expected to address several key issues. Among them is potential help for first-time buyers, aimed at countering escalating house prices and possibly reviving a version of the Help to Buy scheme.
31st March – Scotland: End of the 3% cap on annual rent increases and eviction pause
After this date, unless there are further extensions or changes, the measures to protect tenants through the cost of living crisis, including the 3% rent cap and additional eviction protections, will no longer be in place.
You might also be interested in…
- A Guide to Tax Deductible Costs for Your Landlord Tax Return
- When Will Section 21 Evictions Be Scrapped?
- How to Serve a Section 21 Notice to Tenants
- What’s a Good ROI for a Buy to Let Property in the UK?
- Tenant Fees Act 2019: A Guide for Landlords
April
6th April – Capital gains and dividends allowances cut
The tax-free allowance for capital gains will be lowered once again, dropping from £6,000 to £3,000. This adjustment follows a significant drop from £12,300 in 2023 as part of a substantial tax policy change. Additionally, the dividend tax threshold will also see a reduction from £1,000 to £500 starting from the same date.
6th April – Tax boost for self-employed landlords
The government is slashing an extra 2p from the main rate of National Insurance, building on the 1p cut announced in the Autumn Statement and the abolition of the Class 2 requirement for self-employed people with profits over £12,570.
This means that from 6th April, the main rate of Class 4 NICs for the self-employed – including self-employed landlords – will now be reduced from 9% to 6%.
This change, combined with the abolition of the Class 2 payment requirement, will result in significant annual savings. On average, a self-employed landlord earning £28,000 can expect to save £650 per year.
8th April – National minimum wage and state benefits to rise for tenants
Tenants in England and Wales will see a 6.7% increase in benefits, along with the minimum wage rising to £11.44 per hour for those aged 21 and over. Moreover, the Local Housing Allowance will be increased to cover the lowest 30% of local rents.
May
22nd May – PM Rishi Sunak calls general election
Rishi Sunak took Westminster by surprise and announced the country will go to the polls on 4th July.
30th May – Parliament dissolves and the Renters (Reform) Bill gets scrapped
The Bill wasn’t included in the “wash-up” period, the final days of parliament when the government usually tries to rush through legislation.
July
4th July – The 2024 general election takes place
The General Election took place on 4th July, after former Conservative PM Rishi Sunak called for it back in May. The election resulted in a decisive victory for the Labour Party, led by Keir Starmer.
31st July – Second payment on account deadline
The second and final payment on account for the 2023-2024 tax year will have to be paid by self-employed landlords by the end of July.
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October
5th October – Deadline to register for self-assessment
If you’re a new landlord renting out a property or have recently become self-employed, ensure you register by this date to fulfil your tax obligations.
30th October – Autumn Budget 2024
Chancellor Rachel Reeves delivered the Labour Party’s first budget, highlighting key policy changes that may impact homeowners, including a rise in the stamp duty surcharge for second homes to 5% and increases in both the lower and higher Capital Gains Tax rates.
More changes you need to know about
Apart from popular topics like the Renters (Reform) Bill and the general election, here are some other things you should keep an eye on in 2024:
- Mortgage costs – Mortgage lenders have kicked off the year by reducing rates, easing the financial burden for homeowners looking for a new deal.
- Landlord licensing – More selective licensing schemes for landlords were introduced in 2023, and there are discussions for new schemes in 2024. These decisions will be made at the local authority level, so we strongly recommend that you check the licensing regulations in your area.
- Energy reforms – Plans to increase the minimum energy efficiency standard for rental properties were brought back by the new Labour government. Landlords will need to make sure their rental properties have a minimum EPC rating of C by 2030.
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