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  • #1

    HMRC to demand letting agents hand over rental income information

    Starting this month, HMRC are writing to all letting agents and demanding that they hand over details of all landlords and their rental income information.

    Agents have 60 days to respond with information, or face an intial £300 fine, and £60 per day until the information has been given.

    This is their attempt to crack down on undeclared rental properties, which is quite an issue for HMRC. And as we all know, is happening quite frequently.
    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

    If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.
    Tags: 2012, accounts, agents, april, bank, bank accounts, collection, comi, council, crack down, current account, details, dpa, draconian, fine, help, hmrc, income, information, landlords, letting, letting agents, paye, people, properties, savings, targeting, tax, windows
  • #2
    Re: HMRC to demand letting agents hand over rental income information

    I don't think they will get them all. They will need to go round all the newsagents and corner shop windows with interpreters as well.

    Comment

    • #3
      Re: HMRC to demand letting agents hand over rental income information

      Originally posted by SXGuy View Post
      Starting this month, HMRC are writing to all letting agents and demanding that they hand over details of all landlords and their rental income information.

      Agents have 60 days to respond with information, or face an intial £300 fine, and £60 per day until the information has been given.

      If I ask nicely can you provide a link to the source of this story?

      Comment

      • #4
        Re: HMRC to demand letting agents hand over rental income information

        Originally posted by PlanB View Post
        If I ask nicely can you provide a link to the source of this story?
        http://abbeytaxblog.co.uk/2014/03/17...-on-landlords/
        I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

        If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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        • #5
          Re: HMRC to demand letting agents hand over rental income information

          Originally posted by Deepie View Post
          http://abbeytaxblog.co.uk/2014/03/17...-on-landlords/

          Ta Deepie

          I'm surprised none of the letting agents I have dealt with during the year April 2012 - April 2013 (the period HMRC are targeting) have let me know about this. And I hate the way HMRC are exempt from the DPA too.

          Comment

          • #6
            Re: HMRC to demand letting agents hand over rental income information

            And then once HMRC have this information and think (whether they are correct or not), that you owe them tax (because HMRC NEVER make mistakes), as long as you have more than £5k spread across all your bank accounts they will have the automatic right to dip into your savings/current account (whatever) and help themselves.

            What bet in 2 or 3 years time you will see the first stories coming out of people having their lives ruined by HMRC incorrectly using this draconian method of collection incorrectly..........
            "I fear all we have done is to awaken a sleeping giant and fill him with a terrible resolve."

            The consumer is that sleeping giant.!!


            I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

            If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

            Comment

            • #7
              Re: HMRC to demand letting agents hand over rental income information

              Yep its getting bad, they are already implementing a system where they automatically deduct PAYE tax and NI from an employer account, after submission each week/month, so its just the start of an automatic dip in to peoples bank accounts from them.

              The thing is, the way most people get caught out with rentals is being on the council register and not declaring it, even if they avoid using a letting agent.
              I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

              If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

              Comment

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