September 22 2014 Latest news:
Harriet Orrell, Reporter
Wednesday, August 20, 2014
Residential landlords are being warned to check that they are paying the right taxes on their properties following the announcement that the HM Revenue and Customs (HMRC) plan to recover unpaid money.
HMRC hope to recover an estimated £500million in underpaid taxes from landlords who rent our residential property and has begun writing to letting agents, demanding details of rents collected on behalf of landlords for the last tax year.
Graham Ash, who runs TaxAssist Accountants in Hornchurch, said: “Some landlords may not even realise they are landlords, or that tax may be due, but that won’t stop them from facing hefty fines or even criminal prosecution.”
Landlords who come forward under the Let Property Campaign will have the opportunity to get the best possible terms to settle any outstanding taxes and interest owed.
This campaign is open to all residential property landlords, including those with just a single rental, a student letting or a holiday letting.
Mr Ash said: “It is vital local landlords grasp this lifeline to get their own house in order.
“If they don’t, HMRC will come down hard.”