Over the last four years HMRC have had purges on certain industries and professions. One of the latest and current campaigns is in respect of buy to let investors.
It was targeted firstly at those that have sold their properties and not accounted for the capital gains tax thereon, and secondly, on those that are not reporting the income that arises from their investment properties.
HMRC’s aim is to firstly write to 40,000 landlords asking them to contact them and make a voluntary disclosure. They will then have a 30 day window to respond positively as to what has not been declared.
The first stop for HMRC was the letting agents, then the land registry and finally the electoral roll. Now it is housing benefit payments that go direct to landlords and possibly surprisingly social media where a holiday home is being advertised to friends.
From the articles Charles has read he estimates that there could be as much as 500,000 taxpayers who have second properties and who are not making the necessary disclosures. They have set up a campaign website which sets out how you can make a voluntary disclosure. You will have to complete a notification form or you can ring 03000 514 479 if you prefer. You then have 3 months to calculate and pay what tax you owe.
We took two off the HMRC “wanted” list last week so please contact us if you would prefer to engage KSK to handle the process for you.
The first stop for HMRC was the letting agents, then the land registry and finally the electoral roll. Now it is housing benefit payments that go direct to landlords and possibly surprisingly social media where a holiday home is being advertised to friends.
From the articles Charles has read he estimates that there could be as much as 500,000 taxpayers who have second properties and who are not making the necessary disclosures. They have set up a campaign website which sets out how you can make a voluntary disclosure. You will have to complete a notification form or you can ring 03000 514 479 if you prefer. You then have 3 months to calculate and pay what tax you owe.
We took two off the HMRC “wanted” list last week so please contact us if you would prefer to engage KSK to handle the process for you.
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