Private Landlord Income Tax
According to Landlord Today - "the Taxman gathers in more money from private Landlords"; basically the total amount of money they private landlords have collected, is on the increase.
In 2010/11 an increase of 13% in income tax on private landlords, could be seen.
HMRC are currently running a new campaign that ends on September the 6th. This campaign will urge people who have made a property sale to 'come clean' - this does not include their private residence.
As per usual, when this deadline passes "we expect HMRC to become far more aggressive in pursuing undeclared rental income as well as property disposals" said Mark Giddens, head of private client services at UHY Hacker Young.
If you are a Buy-To-Let investor or are thinking of becoming one, you need to be aware of HMRCs increasing concern about tax evasion by Landlords. Their actions to date show that they are quite capable of matching Land Registry records and data from letting agents with taxpayer files and picking out discrepancies.
'Buy-To-Let investors are on the increase and therefore there will be more for HMRC to investigate.
Needless to say some might fail to understand what their liabilities are and how to calculate them properly; others might think that they will be below the HRMC's radar.
If you need any help or advice on any topics concerning Landlords, Buy-To_Let investments or Letting your property, speak to us today.
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