‘Landlords in latest tax amnesty’

Landlords in latest tax amnesty

Tuesday, September 24th, 2013

Landlords are the latest in HMRC’s tax amnesty drive. If you own and rent out a residential property, HMRC is urging you to bring your tax affairs up to date before an Inspector knocks on your door.

It’s estimated that up to 1.5m landlords are underpaying as much as £500m in tax every year in the UK and this sector is the latest to come under scrutiny from HMRC as it continues to focus on boosting its coffers by collecting underpaid taxes.

Landlords are being urged to come forward and tell HMRC about any unpaid tax or rental income and to settle any outstanding penalties or interest. Failure to approach HMRC first could mean harsher penalties, including even criminal prosecution.

HMRC is now using more sophisticated software (Connect) which is making it easier to identify individuals’ business interests.

If the latest crackdown is of relevance to you, the ‘HMRC Let Property Campaign’ hotline is 03000 514 479 and is open Monday to Friday between 9am and 5pm

If you need to bring your tax affairs up to date on any matter at all, we can help you achieve this quickly and efficiently whilst ensuring that your tax obligations are covered going forward.

Contact [email protected] or call Helen on 01527 558539.

Curo Chartered Accountants

Sep 2013.