Annoyed by you LL? Report to HMR&C.

Trollfever

Taxman targets buy-to-let landlords



Last Updated: 5:00pm GMT 21/02/2008





HM Revenue & Customs (HMRC) is targeting landlords who have failed to pay tax on rental income on their buy-to-let properties, writes Paul Farrow


http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/02/21/cmbtl121.xml

UK007BullDog

About time. Too many taking the mickey and not paying their taxes.

Tori_Bellatrix

Ha Ha Ha ... <Laugh manically>

Thank you OP, You don't know how well timed your post is ....

Trollfever

With your help, we'll make sure people who are not registered for tax have nowhere to hide.
Use this website to notify HM Revenue & Customs and we'll do something about it. You won't need to submit your name and address.

https://www.taxevasionhotline.co.uk/

MissMoneypenny

Does anyone know the answer to this?

If the LLs contact details on land registry are the same address as their buy-to let, does this mean that their lender doesn't know that the property is rented out?

WTF?_2

Not a great time to be an 'amateur' BTLer really, is it?

Cheap mortgages getting harder to obtain just as rates reset, property prices starting to slide and the taxman breathing down the necks of the many BTLers who didn't bother to tell anyone (including their mortgage provider) that they were letting out their property......


I'm sure we'll get plenty of self-righteous squealing all the same - even though this situation is entirely of their own making.

Debt_Free_Chick

MissMoneypenny wrote: »

Does anyone know the answer to this?

If the LLs contact details on land registry are the same address as their buy-to let, does this mean that their lender doesn't know that the property is rented out?

No way of knowing for sure. They could simply have had their mail redirected to their "real" address.

Gorgeous_George

Interesting article from the Tory graph but a nothing story created just for the headline.

If you read to the end of the article you will find:

A Revenue spokesman said: "We are not planning a tax crackdown or to otherwise target landlords. These letters are about helping customers with their tax affairs and answering common questions put to us by our landlord customers. It has got nothing to do with revenue raising. We tackle non compliance right across the economy in the interests of creating a level playing field for all taxpayers. We do not regard the buy to let market as being any less scrupulous than any other."

Just HMRC doing there job - like they always have.

GG

PBA

Gorgeous_George wrote: »

Interesting article from the Tory graph but a nothing story created just for the headline.

Did you read the article, or just the last paragraph?

Gorgeous_George

PBA wrote: »

Did you read the article, or just the last paragraph?

I read it all - twice. More importantly, I understood the story. Newspapers are businesses and every story is considered on a 'sales' basis. If a story will sell papers, it will get published. If it won't, it won't.

IMHO the taxman loses much more money from other areas. I won't troll for the people who cheat the system by suggesting the dodgy areas but it's not rocking horse science

Most rent is swallowed by costs and most LLs have little if anything to declare. Of course, this could backfire on the Revenue if those who are not declaring suddenly declare losses. Losses that can be carried forward to future years.

GG

EdInvestor

Very routine short report, hardly a scoop. :rolleyes:

HMRC is well aware that most BTL landlords are not evading tax.They can claim mortgage interest against their rental income, so along with other expenses, the net taxable income is usually negligible.