UK Money News
22nd February 2008
HMRC crackdown has "serious ramifications" for landlords
Buy to let investors who are not paying close attention to declaring their rental income are facing "serious ramifications", a home loan provider has warned.
Last year Her Majesty's Revenue and Customs (HMRC) declared that it planned to target buy to let landlords in its investigations into possible tax evasion.
Recent press reports have since indicated that this crackdown has begun with 500 landlords having received letters asking them to clarify their rental income.
Should they be found to be in breach of regulations, the landlords "could find there are serious ramifications" and may even be "hit with a backdated bill", Andy McQueen, director of the Mortgage Works and UCB Home Loans warned.
Some of those at risk are likely to be novice landlords who because of their inexperience are not familiar with regulations requiring them to declare all rental income including that which is not taxable, Mr McQueen added.
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