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Just thought I should let you guys know.
If any of you are Landlords, whether you use an agency or not. Over the last few weeks, we have seen a massive increase in disclosure letters being sent out by HMRC regarding undeclared rental properties.
As its now a requirement for agencies/councils to disclose landlord information to HMRC, a lot of private Landlords who haven't declared their rental properties are being caught.
If you haven't declared a rental property yet, I suggest you do so.
The Disclosure letters are aimed at landlords admitting they own a rental property and if they do, a reduction in penalties will be considered.
The truth is, HMRC already know you are a Landlord, so the disclosure letters are really an attempt to see how you will reply. My advise would be to seek an accountant ASAP and get your accounts in order before its too late.
If any of you are Landlords, whether you use an agency or not. Over the last few weeks, we have seen a massive increase in disclosure letters being sent out by HMRC regarding undeclared rental properties.
As its now a requirement for agencies/councils to disclose landlord information to HMRC, a lot of private Landlords who haven't declared their rental properties are being caught.
If you haven't declared a rental property yet, I suggest you do so.
The Disclosure letters are aimed at landlords admitting they own a rental property and if they do, a reduction in penalties will be considered.
The truth is, HMRC already know you are a Landlord, so the disclosure letters are really an attempt to see how you will reply. My advise would be to seek an accountant ASAP and get your accounts in order before its too late.