Posted on 29 October 2013
In the latest of HMRC’s targeted campaigns, residential landlords who don’t declare all of their rental income are being given the chance to “put their tax affairs straight – before HMRC comes to them”.
The campaign is open to all residential property landlords including single rentals, multiple properties and specialist lets such as student/holiday properties.
HMRC will use information it holds about property rental in the UK and abroad to target landlords and those who do not come forward face significantly higher penalties or even prosecution.
Landlords should also be satisfied that there are no associated tax issues relating to the let property – other areas could include: capital gains tax on disposal, where the capital to acquire the property derived from and whether the property is held for trading or investment purposes.
Please get in touch with one of our Tax experts if you have any questions on this.