Thursday 30 April 2015

Warrington Landlords, have you declared ALL your rental income?




Yesterday i had a call from one of our landlords for some advice, his friend (landlord) has recently received a letter from the HMRC as they suspect him of not declaring or possibly under-declaring rental incomes. Now a batch of letters went out mid last year and from receiving this message i believe another batch of letters to landlords have also gone out, If you have received a letter it could be for the reasons above or that you have not made a voluntary disclosure you could face severe penalties and possible criminal prosecution

https://www.gov.uk/let-property-campaign

Although HMRC generally goes back six years, the law allows it to go back up to 20 years. Any landlord with undeclared rental income, or who has been under-declaring it, should come forward to make a voluntary disclosure before they receive a letter. Anyone making an unprompted voluntary disclosure will be able to negotiate lower penalties and affordable payment plans.

For the thousands of landlords who have already received letters, it is too late. Any disclosure they make now will be regarded as “prompted”. Interest will also be charged from the date the tax is due until the date it is actually paid.

HMRC is using a wealth of information to identify landlords who have not declared their rental income. These include records from other government agencies and local authorities, and also the tenancy deposit schemes and Land Registry.

Or course, we at Hamlet Homes Warrington provide fully documented statements for our landlords and full audit trail of income and expenditure - yet another bonus of having a fully managed property rather than going it alone.

Throughout the course of us working with you, we will undertake all of the regular management and day to day accounting on your behalf, but of course any financial impact will be felt directly in YOUR pocket if this is not done correctly and in a timely manner. My office is located on 6 Bankside Crosfield Street, if you fancy popping in or you can always email me on tpatel@hamlethomesproperty.co.uk


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