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Rental Properties under the Microscope
HM Revenue & Customs’ (HMRC) latest campaign is to target property owners suspected of having undeclared rental income.
HMRC has estimated that 1.5 million landlords underpay tax totalling £500m every year and hopes this campaign will recoup a significant amount in unpaid tax. They are putting landlords under the microscope between now and May 2015 - during which time, taxpayers can come forward with a disclosure of their undeclared income from rented properties.
Lower penalties can be negotiated for those who come forward as part of the campaign.
Those who do not come forward can expect higher levels of penalties, should HMRC later catch up with them and, in certain cases, criminal prosecutions are a possibility.
Who are they targeting?
The campaign is open to all residential property landlords – from single rentals to multiple properties - and to specialist landlords, such as student or workforce rentals through to holiday lettings.