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Landlords warned to get their houses in order

Residential landlords can expect more attention from HM Revenue and Customs as it seeks to close an estimated £500m annual tax black hole in the sector.

HMRC has launched its ‘Let Property Campaign’ which will target buy-to-let, student and holiday let landlords who it believes are underpaying or not declaring rental income. The campaign allows landlords who voluntarily come forward access to a preferential penalty rate.

We would not recommend a direct approach to HMRC without first speaking with an accountant or tax adviser. HMRC is an increasingly tough negotiator and will not offer advice on reducing any liabilities and penalties. With links to council tax records, Stamp Duty Land Tax returns from solicitors, Estate Agents returns and of course the Land Registry database, this is one of the easier sectors for HMRC to tackle. We can already see HMRC taking a much harder line with penalties when taxpayers have ignored a previous campaign.

Contact us on 0151 228 8977 if you think this could affect you