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Published on H M Revenue and Customs Website today


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From HMRC's website

"Thousands of buy-to-let families face tax shock"

Many of you will have seen the article in The Times on 29th May - “Thousands of buy-to-let families face tax shock”

By way of background, HMRC is not planning a tax crackdown in the way implied by the Times article. HMRC is planning to take a concerted approach to helping landlords of all descriptions (not just in the buy to let market) to understand and comply with their tax obligations in what they recognise to be a complex area. In taking this approach the explicit presumption will be that the majority of landlords want to make a correct return but that many may need some help to understand exactly how to do so.

The approach, which was outlined to agent representatives in a recent workshop, will focus on giving landlords improved access to guidance and support so that they can understand how to calculate their own tax liabilities and, where there is tax to pay, using the lightest possible touch to ensure that the correct amount is paid.

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