Property News · March 15, 2014

Landlords – HMRC is closing in on your undeclared lettings income


The Revenue is on the trail of £550m missing tax – and is urging landlords to come clean, or risk higher penaltiesLandlords who have failed to declare their rental earnings to HMRC are being warned to pay up or face higher penalties.The Revenue is targeting widespread tax evasion on property lettings, and estimates that one million buy-to-let and other private landlords are not declaring their rental income, cheating the public coffers of at least £550m a year. Many are understood to be using inflated claims for letting expenses to pay less tax than they should. “A lot of people are knowingly not declaring,” said an HMRC spokesman. “We want to hammer down that £550m – it’s significant money.” Continue reading…

Source : theguardian.com
Read more…Landlords – HMRC is closing in on your undeclared lettings income

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