Thursday, 28 February 2019 19:40

Landlord Tip Of The Month - March

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Landlord Tip Of The Month - March

It is the last month of the tax year - so now is the time to make sure you have all of your 2018/19 income and expenditure as it needs to be.   The number of landlords found to have underpaid or under-declared tax on rental income rose by 51% last year to 8,704 according to a report in the Daily Telegraph.

Make sure it is not you - sign up for the PDPLA  Tax course (watch out for details in next weeks members email).  

And for more information on how bad it could be if HMRC catch you out, read on.....

The rise in landlords found to have underpaid or under-declared has sparked concerns that landlords who make honest mistakes are now being categorised and punished alongside deliberate tax evaders. 

The amount of tax income clawed back from landlords rose by 67% to £32.8M, while the value of fines more than doubled to £5.6M. If HMRC catches landlords who have not paid the right amount, it can reclaim up to 20 years worth of these payments, and can then fine the landlord up to 100% of the value of the unpaid tax and bring criminal charges. If a landlord has made an honest mistake and admits it, the tax office will only reclaim tax going back 6 years and will charge smaller fines, if at all - so make sure your affairs are in order and look out for the PDPLA tax education email next week.

Last modified on Thursday, 28 February 2019 15:56

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