HMRC’s campaign to root out landlords who are not disclosing rental income appears to have got under way. Letting agents are now being approached for lists of landlords and the Revenue is using the lists, together with Land Registry information, to cross-check against taxpayers’ registrations.
The Revenue estimates that up to 1.5m landlords are not currently paying the right amount of tax and wants them to come forward to declare their income, offering a more generous approach to penalties and payment terms as an incentive to those who do.
If you have undeclared property income, now would be a good time to set the records straight. We can help you to get things sorted out – please contact Clare Munro or Phil Moss for further information.