Paul Short: Beware, Landlords!

Paul Short Accountant EssexPosted by Paul Short:

HMRC have been waging a successful campaign against landlords (many of them accidental) who have failed to disclose their income. It is easier for HMRC to cross check with land registry to identify landlords who are not disclosing their rental income.

In addition property management agents have to provide details to HMRC of landlords for when they are acting as agents.

If the failure goes back several years it is rich pickings indeed.

If you are in the position of having a property which is let out (it may well be a property which you have inherited) and you have not disclosed the rental income, do please get in touch with us and we will deal with the disclosure to HMRC. It may well be that with qualifying expenditure, the liability may not be as bad as you might fear.  It is so much better if you get to the Revenue before they get to you.

January 2019

 

Disclaimer

The views expressed in this article are the personal views of the Author and other professionals may express different views. They may not be the views of Lambert Chapman LLP. The material in the article cannot and should not be considered as exhaustive. Professional advice should be sought in connection with any of the issues contained in the article and the implementation of any actions.

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