Landlords warned over buy-to-let taxes
Landlords have been urged to get their tax returns in order after HM Revenue and Customs (HMRC) announced a clampdown on undeclared rental income.
According to Route Group, the financial planners, buy-to-let investors should even consider their tax returns if they have not sold any properties in the past year, as they could face capital gains tax charges.
Simon Pimblett, head of research and development at Route Group, explained that HMRC now had the technology to track down those who have undeclared rental income.
He said: "HMRC can now cross-reference information from the Land Registry, stamp duty records and property agents' records with taxpayers' self assessment to identify culprits.
"Should they believe a landlord has not submitted the correct returns, they have the right to request detailed income and expenses statements for the last six years."
The collapse in house prices this year, has meant that rental prices have continued to grow steadily, as a result of a decrease in house purchases - with property to rent in London proving particularly lucrative for landlords.
Published 1st July, 2008
© 2008 Estates IT Limited
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Landlords have been urged to get their tax returns in order after HM Revenue and Customs (HMRC) announced a clampdown on undeclared rental income.