February presents landlords with an opportunity to address essential administrative and practical tasks before the financial year concludes. Completing key activities now ensures properties remain compliant, tenancies run smoothly, and financial planning reflects current circumstances.
Tax year preparation
With the tax year ending on 5th April, February provides a final window to organise financial records and identify outstanding requirements. Landlords should ensure all rental income and allowable expenses have been properly documented for the current tax year. Missing receipts or incomplete records become increasingly difficult to reconstruct as time passes.
Self-assessment tax returns for the previous tax year require submission by 31st January, but landlords who missed this deadline should prioritise completion to minimise penalties. Late submission penalties increase over time, making prompt action financially prudent even after the deadline has passed.
Landlords should review their capital gains position if they’ve sold properties during the current tax year. Understanding potential tax liabilities before year end allows for appropriate financial planning and ensures funds are available when required. Those considering property sales might also evaluate whether completing before or after 5th April better suits their circumstances.
Maintenance planning
February weather often reveals property maintenance issues that require attention. Landlords should conduct property inspections where tenancy agreements permit, identifying problems that may have developed during winter months. Heating systems, guttering, external drainage, and roof condition all warrant particular attention following winter weather.
Scheduling maintenance work during February allows completion before spring when contractor availability typically reduces as demand increases. Properties requiring exterior work benefit from early booking, ensuring jobs complete during suitable weather whilst avoiding the premium pricing that often accompanies peak season demand.
Gas safety certificates require annual renewal, and landlords should verify that all properties have current certification with adequate time before expiry. Boiler servicing, where not already completed as part of gas safety compliance, should be scheduled to ensure heating systems remain reliable.
Tenancy renewals
Tenancies due for renewal in spring should be addressed during February. Landlords need to decide whether to offer renewals at current rent levels or implement increases in line with market conditions. This decision requires assessment of comparable properties, tenant payment history, property condition, and local market dynamics.
Providing tenants with adequate notice of renewal terms allows time for discussion and negotiation if required. Early communication often results in smoother renewal processes compared to last-minute arrangements. Landlords should also verify that all tenant contact details remain current and that communication preferences are documented.
Properties where tenants have indicated they won’t be renewing require marketing preparation. February represents an appropriate time to plan any necessary refurbishment or improvement work, schedule professional photography, and prepare marketing materials for spring listings.
Pre-Budget considerations
The Spring Budget typically occurs in March, making February an appropriate time to review how potential policy changes might affect lettings portfolios. Whilst specific Budget measures remain unknown until announcement, landlords can evaluate their current position regarding mortgage arrangements, energy efficiency standards, and property portfolio structure.
Understanding how properties currently perform against evolving regulatory expectations helps identify whether proactive improvements might be warranted regardless of Budget content. Properties with lower energy performance ratings, for example, may benefit from efficiency improvements that future regulations could eventually require.
Landlords should also consider their medium-term strategy for individual properties and overall portfolio direction. Budget announcements sometimes prompt reassessment of investment plans, and entering Budget season with a clear understanding of current portfolio performance supports informed decision-making if policy changes are announced.
Documentation review
February provides a suitable opportunity to verify that all property documentation remains current and accessible. This includes electrical safety certificates, energy performance certificates, gas safety records, deposit protection confirmation, and how-to-rent guides. Ensuring compliance documentation is complete and readily available prevents issues if queries arise.
Landlords should also review insurance policies, confirming that cover remains appropriate and that property details accurately reflect current circumstances. Changes to property use, renovations, or tenancy arrangements may necessitate policy updates to maintain adequate protection.
Looking ahead
Completing February checklist tasks positions landlords effectively for the new tax year whilst ensuring properties and tenancies receive appropriate attention during this transitional period. Early action on administrative and maintenance requirements typically proves more manageable than addressing multiple issues simultaneously as deadlines approach.
Review your portfolio against this checklist