Buy To Let Date:
HM Revenue & Customs has launched a new campaign urging buy-to-let landlords to declare any tax they owe immediately, or face stiff penalties and even criminal prosecution.
Up to 1.5 million residential property landlords may be underpaying their UK tax every year, says HMRC. This amounts to a total unpaid tax bill of £500 million.
But under its Let Property Campaign, landlords who think they may owe tax – either through misunderstanding over tax rules or deliberate tax evasion – have been given the opportunity to be honest about their tax affairs, and by doing so they won't incur additional penalties.
HMRC warned that it will use information it holds about property rental in the UK and abroad, along with information already held on its digital intelligence system, to identify any landlords who've not paid what they owe, and who have not taken it up on its offer to declare any unpaid tax.
"The message for all landlords owing tax is simple – it is better to come to us before we come to you," said Marian Wilson, head of HMRC Campaigns.
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