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Agreed DL. I like to sleep at night!
Coming soon Investorsk8.com
Wisdom - an integration of knowledge, experience, and deep understanding that incorporates tolerance for the uncertainties of life as well as its ups and downs.
Seems like further crackdowns of Buy2let landlords
As Vanessa states, HMRC have recently sent out a huge batch of Let Property Campaign letters. These have been going out in batches over the last few years, but this most recent batch appears to be particularly large. This is no doubt due to the sheer success HMRC are having with this campaign in retrieving backdated taxes from those landlords who have undeclared rental profits in the past.
To illustrate, in case you have been affected by this, an example of the letters currently being sent out is below:
Should you require any assistance, please do not hesitate to contact RITA4Rent using the contact details per our signature strip below. We have had great success with the Let Property Campaign and always happy to help landlords bring their affairs back up to date. Vanessa has provided some useful links in her original post, and it would be advisable to have a look through these too so as to gain a good grounding on the campaign.
RITA4Rent (Rental Income Tax Advisors)
Specialists in Landlord Taxation
Recommended tax advisors of the Residential Landlords Association
Follow us on Twitter @Rita4Rent
clients (at) rita4rent (dot) co (dot) uk
From Accounting Web - 7th August 2018HMRC issued information notices to two landlords who hadn’t declared income from their let properties.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
During 2018/2019, 16,110 landlords declared unpaid tax, up from 6,600 in 2017/18.
Additional taxes collected by HMRC from landlords who admitted to unpaid tax on their rental income have increased from £21 million to £42 million during this period.
It is believed the 145% jump rise in landlords declaring unpaid tax is due to HMRC's promotion of its Let Property Campaign via letters sent to those suspected of avoiding or underpaying tax.
The campaign, in operation since 2013, offers landlords lower penalties if they make a full disclosure rather than waiting for HMRC officials to discover they have not paid enough tax.Full/source article
HMRC is starting to catch up with overseas-based landlords who have not been paying tax on the rental income they receive in the UK or overseas.
Having intensified its campaign to net offshore landlords failing to declare their earnings, HMRC has seen 397 overseas based buy-to-let landlords disclose unpaid tax on rental income in the last 12 months.
The tax authority has been sending letters to thousands of UK landlords as part of its Let Property Campaign, suggesting it knows that they are not declaring the full tax they owe.Full/source article