HMRC targets buy-to-let landlords

HMRC targets buy-to-let landlords

Category: Buy To Let
Date: 20/09/2013

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.

What Next?

Find the best available buy to let mortgage

Guide to buy-to-let mortgages

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

BTL deals for first-time landlords on the rise

There was once a time when the buy-to-let market was fairly limited for wannabe landlords, with more deals going to those who already had a presence in the sector. Well, the tide is turning, with the number of first-time BTL deals soaring.

Tenants hit with rent hikes

Have you ever had your rent increased at the end of your tenancy agreement? According to research, many people have seen their rents rise substantially if they embark on a new contract, and the fees involved can be another blow to renters’ wallets.

Booming buy-to-let returns hit £112 billion

If you’ve ever considered becoming a landlord, then now may be the time to take the plunge.