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Tax on rental income
Comments
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If lenders are now able to access HMRC earnings data to cross-check mortgage applications it would appear rude not to supply HMRC with reciprocal data on consents to let and BTL borrowers?As for whether mortgage lenders, insurance companies, banks provide relevant info to HMRC... wouldn't surprise me!I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
I am not the lease bit surprised at all these agencies pooling their information. This is one of the reasons I always advise people here to ensure they have consent to let from mortgage providers, as so many things these days have your name, rank and serial number attached, its only a matter of time before the mortgage companies would find out. Same with HMRC - you see so many like the OP who think they are not making a profit so assume "nothing to declare" - WRONG, it is still income, even if it all goes out again on costs and expenses.
I did hear that HMRC are doing a thorough round up of missing tax returns from private landlords dating back to around 2005/06, as with the explosion of accidental LLs and those who are cashing in on cheap property investment to let out, there are 100's if not 1000's of undeclared rental incomes coming to light.
Beware, if you are doing it on the quiet, big brother is watching and they will eventually knock on your door!0
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