UK Money News
14th May 2008
Buy to let landlords urged to tackle tax returns
Buy to let landlords have been urged to get their tax affairs in order in the wake of a widespread crackdown from HM Revenue & Customs (HMRC).
The warning from Alex McCann of business advisors BTE comes as HMRC is conducting a campaign against landlords who have not declared rent on their tax returns.
Those deemed especially at risk of failing to declare sufficient taxable income are landlords who mistakenly perceive that they do not owe tax because their mortgage swallows up their rental income.
Mr McCann said "HMRC is confident of success because information from stamp duty land tax returns means it can match properties to individuals' declared principal private residences and take matters from there.
"If there is a tax arrears issue, coming forward with a voluntary disclosure could reduce any penalties."
The initial batch of letters sent out by HMRC were received by Britons who have not declared rental income on previous Self Assessment Tax Returns.
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