If the answer is yes, you may well experience feelings of fear, stress and confusion. Maybe you didn’t realise you were making a profit? Maybe you were burying your head in the sand? Maybe you [...]
HM Revenue & Customs (HMRC) is ratcheting up its ongoing crackdown on tax evasion with its latest focus on landlords who let out residential property, whether at home or overseas.
HMRC has been running an ongoing programme across a range of sectors, trades and professions to encourage disclosure, and its Let Property campaign now means that the onus is on landlords to bring their tax affairs up to date in exchange for reduced penalties.
The HMRC campaign will focus on landlords who rent out single or multiple properties or who rent out a room in their main home for more than £4,250 per year (£2,125 if the room is let jointly). The campaign will also target landlords who live abroad but rent out UK property, or vice versa, as well as those who rent out their holiday home when not being used by themselves, or who operate in specialist areas such as renting student accommodation or workforce accommodation.