HMRC Let Property Campaign
We really urge all our landlords to ensure their rental property tax affairs are up to date. HMRC believes it is underpaid by as much as £500 million and is on a mission to recover these funds. They have approached letting agents to provide them with information about rents collected for the tax year end April 2014.
If you believe you owe money on your letting income you have the opportunity to make a voluntary disclosure via HMRC’s Let Property Campaign via the web here or phone 03000 514 479.
Landlords who do so will have three months to calculate and pay what they owe and will receive the best possible terms. If they do not they could face hefty fines and even criminal prosecution.
Be aware that certain deductions can be made before calculating profits, as certain deductions are allowable for properties that are let. Deductions for costs include, mortgage interest, letting agent fees, accountant fees and building insurance costs. This is not an exhaustive list so please seek the advice of an accountant.
Please do take action on this as it seems that HMRC are taking this very seriously.
If you know a landlord who may not be reading this and should know these details please click like or share this post so the message can be spread.