HMRC LET PROPERTY CAMPAIGN
This is was started in 2013 and Landlords were given the opportunity to come forward and declare any rental income and if the taxpayers or their appointed Agents/Accountants applied for this then HMRC would be more lenient when it came to the penalties. (Please note interest charge is applicable by the Statutory Law so any late interest on tax which should have been paid will be fully applied)
Even if the landlords were incurring rental losses for several years then it would be wise to complete a Self-Assessment Tax Return in order to offset against the future rental profits.
HMRC are looking into this area further now and there are a few examples on how HMRC can identify the Landlords of rental properties
- Utility Bills
- Housing Benefit being claimed by the tenants
- Land Registry details
- Estate Agents (Mandatory each year to provide Landlords details to HMRC)
- General searches on a property
HMRC can go back as far as 20 years or from the start if less than 20 years and serious penalties will apply if it is proven that the taxpayer/landlord has been acting fraudulently rather than carelessly.
Please bear in mind that it is advisable to take action "Unprompted" rather than "Prompted", which could lead to serious and long winded Tax Enquiries
Please feel free to contact for an initial consultation and see if we can assist if you are a landlord in need of assistance.
For a small fee, we also advise on the Legal Requirements of being a Landlord of Residential Properties.
Secure Accounts Ltd
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