20 Mar

Landlords urged to pay taxes

Landlords urged to pay taxes

Landlords have being reminded to ensure they declare their income correctly and pay the right tax otherwise they could face strict penalties.

HM Revenue and Customs (HMRC) has launched a new campaign to ensure that landlords do not attempt to evade their tax liability by making sure they are open about their income and declare it correctly.

According to HMRC, around one million buy-to-let property owners and private landlords are not following financial regulations and as a result around £550 million of tax revenue is being underpaid.

A spokesman for the tax body said: "A lot of people are knowingly not declaring. We want to hammer down that £550 million - it's significant money."

The aim of the campaign is to ensure that landlords are aware of what they need to report and what taxes their income is subject to. In particular, inexperienced landlords who are renting out a second home may not be aware there are breaking the law.

According to February figures from Move With US, UK property rents are now at their highest levels since the third quarter of 2012.ADNFCR-1222-ID-801705301-ADNFCR

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