Our website uses cookies to enhance the visitor experience (what's a cookieCookies are small text files that are stored on your computer when you visit a website. They are mainly used as a way of improving the website functionalities or to provide more advanced statistical data.). Are you happy for us to use cookies during your visits?
Please note: continuing without making a choice equates to giving us your consent, which you can withdraw at any time via our cookies policy page.


‘Deal or No Deal’ – The Taxman Targets Property Landlords!

The Taxman has announced yet another new initiative to try and bring in extra money to boost the Government coffers by targeting residential property landlords, under their ‘Let Property Campaign’.

Now even though I myself have a Rented property, as soon as I hear the phrase ‘property landlord’ it always conjures up in my head the image of Rigsby from the T.V comedy classic series of ‘Rising Damp’. The character of Rigsby, (a quick T.V trivia question for you – what was Rigsby’s Christian name in the series? – any answers?), was played by the actor Leonard Rossiter, who went on to even greater comedy fame with the T.V series ‘The Fall and Rise of Reginald Perrin’.

So, what is this new initiative from HMRC? – basically, residential landlords who have so far failed to disclose all their rental income to HMRC are now being given the opportunity to come forward and settle any unpaid tax, including any penalties and interest due. The Let Property Campaign will run for at least 18 months and covers all residential landlords including those with single or multiple properties, holiday lettings and student or workforce rentals.

HMRC have pledged that those residential landlords declaring unpaid tax voluntarily would receive the best possible terms, in respect of penalties charged. Marian Wilson, the Head of HMRC Campaigns, has been quoted as saying: “The message for all landlords owing tax is simple – it is better to come to us before we come to you”.

So, when that knock on the door comes early evening, yes it could be the kids from down the road playing ‘trick or treat’ (we are getting close to Halloween after all!), or it could be HMRC saying ‘deal or no deal’? – (But, if it does get to this stage, the answer will always certainly be – no deal!)

How are HMRC trying to catch up with the property landlords who have not yet come clean about the rents they receive? – Well what we do know is that firstly, HMRC are examining the Land Registry details looking for people who have more than one registered property. And in addition to this, they are also making cross-checks with Estate Agents and Property Lettings Agencies for the names of property landlords.

So, if you know of anyone who has not yet come clean about the rents they are receiving, then please get them to contact us at JCL – Jones Cooper Limited. We can help! – What’s it to be then, Deal or no Deal?

Rickey

Rickey Cooper FFA, FMAAT, ATT
JCL – Jones Cooper Limited

Leave a Reply


    • Follow us on LinkedIn
    • Follow us on Twitter
    • Foollow as on Facebook