Landlords who have failed to register with HMRC, or who have under-declared or under-paid tax risk being caught out and fined by HMRC as part of a targeted campaign which is currently underway.
If landlords wait for this to happen, they will not be able to sort out their tax affairs under the most preferential terms. If in doubt, landlords should speak to us or should access the new online tutorials that HMRC have released which are designed to help check if you are compliant.
HMRC has also begun writing to around 40,000 landlords about their tax. So far, more than 2,500 people renting out residential property have voluntarily contacted HMRC to put their tax affairs in order under the Let Property campaign.
If you are in this position, or think that you might be, please contact us as soon as possible so we can help you bring your tax affairs up to date in the most painless way possible.
Details of the Let Property campaign can be seen here – www.gov.uk/let-property-campaign
The new tutorials can be seen at – www.hmrc.gov.uk/courses/syob2/letting/index.htm
For further details please speak to Julie Walsh on 01254 679131 or Julie.firstname.lastname@example.org