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  • Tax

    Research highlights landlord tax evasion

    Imagine you have an issue in your own residential property needing a tradesman ( ie you can’t offset the bill against tax ) and it’s someone you know and trust to do a good job because he’s done work for you before so you don’t really need an invoice . Imagine he is a 40% tax payer . 

    He says to you it’s £700 if you pay by cheque or £500 ‘for cash’.

    What would you do ? After all the tax he pays is between him and the taxman and not your responsibility .

    For those of you who will say I wouldn’t pay him in cash to save myself £200 ( most probably) what if the said tradesman is a close family member ?

    What I’m saying is where do we draw the line on these things ? 
         
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    Interesting addition to this thread:

    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

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