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No Festive Cheer!

Friday, 27th December, 2013

Landlords of residential property who fail to tell HM Revenue & Customs (HMRC) about all their rental income are being offered the chance to come forward and put their tax affairs straight. HMRC have confirmed that if Landlords have made a loss, they still need to declare their rental income and a tax return needs to be filed.

HMRC estimates that up to 1.5 million private sector landlords may be underpaying up to 500 million in UK tax every year. Under its new Let Property campaign, landlords who may owe tax - whether through misunderstanding the rules of deliberate evasion - can tell HMRC about any unpaid tax on rents, and pay what they owe, including any penalties and interest due.

HMRC is likely to take an understanding approach to people who have made honest mistakes, or who may not be fully aware that the rent on a property was taxable. The message to Landlords in the private-rented sector is to contact HMRC for help to work out and pay the tax owed, rather than being pursued for owing tax, which has considerably higher penalties and could lead to criminal prosecution.


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