Up to 1.5 million people are renting out property……but not paying the tax on it. HMRC reckons this adds up to £500 million every year. So they’ve started a campaign to find these landlords and get the tax.
If you rent out any property, you must pay prepare an annual tax return. If you make a profit, you must also pay tax on the profits.
HMRC understands that a lot of residential landlords don’t realise these rules, or even that they could be classed a “landlord”, so have started the Let Property Campaign to give you the chance to come forward.
Residential landlords can be renting out single properties, a portfolio, holiday homes, student houses, or any other form of residential property.
HMRC is spending the next 18 months tracking down landlords by using all of the digital records available across the government. If they find you before you come forward voluntarily, they are threatening higher penalties and even prosecution.
If you’re unsure of whether you should be declaring any rental income, please contact us on 0151 724 3960 or by email at [email protected].
If you would like to arrange a free meeting with a Liverpool accountant to discuss your property rentals, either at our office or at your premises, please contact us on 0151 724 3960 or by email at [email protected].
Alternatively, you can use our website contact form.
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Added by Jon Davies