Attention Buy-To-Let Owners – You might just want to read this…
For all you buy-to-let owners – did you know HMRC has a system using AI to cross check with sources such as the Land Registry, Zoopla and Rightmove? They can also check via letting agents to see if a property is being actively let.
The latest data shows that £17.7m was collected in unpaid tax from buy-to-let landlords in the past year and this is an area of particular concern to them.
We have dealt with several cases where, for various reasons, the client hadn’t declared their BTL earnings and have assisted clients to make declarations for as far back as nine years. There is a simple procedure to follow so anyone who may need to declare several previous years it is best done before you receive the dreaded letter from the taxman.
Landlords who fail to pay the correct tax can face severe penalties and the fines are increased if the information is not volunteered. It is important to make a declaration as soon as possible as this will reduce any penalties. If you or someone you know are letting property and need to tell HMRC we can help so feel free to call us.