|
|
26 Sep 2008
HM Revenue & Customs (HMRC) is targeting up to a million landlords in an effort to track down landlords who could be liable to pay extra tax on their buy-to-let rental income.
HMRC has made its latest letter drop to landlords, warning them of the new measures which will come into force next April, givubg government officers the right to inspect landlords' records in their home, The Daily Telegraph reports.
‘It's likely that only the most serious cases will warrant a knock on the door from the taxman, but it signals HMRC's intent to pursue persistent tax evaders,’ Phil Espin, Grant Thornton tax director, said.
There are at present more than one million buy-to-let mortgages in the UK, compared with 120,000 in 2000, reflecting the huge rise in popularity of this type of investment over the past decade, prompting many landlords to buy two or three properties for renting out to supplement their retirement income.
Further reading:
You may also like
Search thousands of financial jobs:
Search thousands of financial jobs:
Careers
Search for jobs
Click to search our database of all the latest accountancy roles
Create a profile
Click to set up your profile and let the best recruiters find you
Jobs by email
Sign up to receive regular updates with the latest roles suitable for you
Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
Visitor comments Add your comment
no profit no tax
is anyone still making a profit on rental after expenses are deducted,
looks like the revenue are running out of ideas to rip off the landlords. it wont be as profitable for them as when they pulled the capital gains relief rug from under our feet, if we new about that we could have sold some stock before the housing market dipped. we will win in the end big brother just stay off our backs (leeches)
Posted by: dave n, 26 Sep 2008 | 00:00