If you are a private landlord are you declaring your rental income?
29/03/2018 HM Revenue and Customs (HMRC) believe that its customers want to pay the right amount of tax and wants to help those that do not put this right - if not they will pursue this by issuing a 'Paragraph 1, Schedule 23 to the Finance Act 2011' to the landlord.
A notice issued under this Act allows an officer of HM Revenue and Customs to obtain the relevant data from the data holder to calculate any potential tax due from the landlord.
The data is effectively the amaount of rent collected from each individual property in a stated tax year. Certain expenses can be offset against the gross rental income, this needs to be done through the annual Self Assessment tax return. If this income has not been declared then HMRC will issue an asssement that will require paying within a given period.
HMRC have been running a campaign to give landlords who owe tax through the letting of residential property, in UK or abroad, the opportunity to get up to date with their tax affairs.
If you are a landlord and you have any undisclosed income you must tell HMRC about this as soon as possible. For further information visit letproperty.campaign.gov.co.uk
