HMRC Targeting Landlords…
A new HMRC task force has been set up to catch landlords who are not declaring their rental income. The task force is specifically aimed at landlords in the South East of England and is looking to claim back in the region of £4 million of unpaid taxes.
The new task force is part of a number which are set up by HMRC to target specific groups of people who are not declaring their income and paying enough tax.
If you are a landlord and you have not registered with HMRC you should contact HMRC as soon as you can. HMRC will normally want a self assessment tax return completed which declares any rental income received in that tax year.
If you are not living in the UK and are a non resident landlord the same legislation usually applies, and a self assessment tax return will have to be completed in most circumstances. In some cases non resident landlords can be due a UK tax refund from the tax paid on rental income.