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No escape from the tax man


Grampa

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As a letting agent we were never required to send details of landlords or rental income to the tax man on a regular basis. The tax man used to randomly pick agents and ask for landlords names and I got asked for the first time last year. Some agents I know have never been asked.

This week I received a letter from a different dept of the inland revenue now asking not only landlord details but their rental income for the last tax year. My accountant thinks I and all other agents will now be getting one every year as the tax man is tightening up on tax evasion.

So i guess a lot of landlords will be getting a little surprise in the post.

I can print off the details at a push of a button due to the software I have but I can see a lot of agents having a lot of work to do.

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HMRC has formed a task team and the flavour this Month is BTL landlords and their aim is to find as many unregistered landlords as possible and their search is mainly centred on the North West area of the country.

If your registered with HMRC you have little to worry about they are mainly after the unregisterd landlords at the moment.

The biggest financial claw back that HMRC want and are cracking down on is the Landlords who fill in their tax returns and claim the whole of their BTL mortgage payments and not just the interest they have paid. They will be in for some hefty repayments in time.

Mel.

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Guest theartfullodger

Very pleased to hear HMRC are taking active steps to pursue non-payers... If all tax cheats were paying what they should the country wouldn't be in (quite) the mess it is now..

Cheers!

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Our Country needs to tax revenues to function, as we would like it to anyway.

I do have increasing sympathies with those that think paying tax is like paying into the charity of MP's, MEP's, Europe and possibly more inefficient, badly run bodies.

Is there a legal requirement for Agents to provide this information ?

BTW I don't condone the tax evaders (avoiders being different).

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Hmm.... we only have 1 BTL property which we acquired last year. As duly law abiding citizen, I contacted the Inland Revenue, asking whether a tax return was due (flat was let in March - hence just 1 month to the financial year). They took a while to respond, eventually to the tune that they will send me a form. I have received nothing in the post. I tried registering on-line to fill in a return on-line, got as far as - 'you will receive an activation code' , which I have not. What do I do next????

Not that any tax will be due, but I'd like to carry over the loss from last year but it seems me that the Inland Revenue is making it very difficult for some. So what do I do - just wait if I get a form one day ?

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Keep your records and receipts, apply them retrospectively when required.

Tax affairs are still 'open' for up to six years.

The tax man isn't a scary person unless you have been evading, even then intention can be difficult to prove.

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What do I do next????

You have a number of obvious options:

1. Do nothing.

2. Wait and see what turns up.

3. Try on line registraion again.

4. Phone your tax office for advice.

5. Get a accountant to sort it out for you.

6. Carry on complaining and feeling sorry for yourself whilst being carefull not to end up like CoR. :)

You will need to file a tax return for this year so sorting it out now & early will save you a lot of hassle later.

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