NIOBIUM LABS M.E.P.E
Farminguk
05 May 2016 | Online since 2003
Scrutton Bland


25 March 2014 01:23:46|Finance,News,Property News

HMRC to focus on landlords in latest tax crackdown


HMRC is ratcheting up its ongoing crackdown on tax evasion with its latest focus on landlords who let out residential property, whether at home or overseas, and Mike Harrison, Partner in accountant firm Saffery Champness says that rural landlords will be as much in the sights of HMRC as any other.
HMRC has been running an ongoing programme across a range of sectors, trades and professions to encourage disclosure, and the Let Property campaign now means that the onus is on landlords to bring their tax affairs up to date in exchange for reduced penalties.
The HMRC campaign will focus on landlords who rent out single or multiple properties or who rent out a room in their main home for more than £4250 per year (£2125 if the room is let jointly). The campaign will also target landlords who live abroad but rent out UK property, or vice versa, as well as those who rent out their holiday home when not being used by themselves, or who operate in specialist areas such as renting student accommodation or workforce accommodation.
Mike Harrison says: "The scheme, in line with other similar HMRC initiatives, is to encourage property owners and landlords to come forward voluntarily with information in exchange for a reduced penalty. It does not apply to companies or trusts and therefore a number of rural enterprises will be excluded; nor is it open to landlords renting out commercial property.
"Those not coming forward and who may not be declaring rental income can expect higher penalties and even criminal prosecution if HMRC chooses to launch an investigation. We would therefore encourage any residential landlord with any shred of doubt as to his obligations to consult with their professional advisor at the earliest opportunity."

Download





0 Comment


Name

Please enter your name


Email

Comment

Please enter your comment


Post Comment

Your comment submitted successfully.Please wait for admin approval.


Comments

No comments posted yet. Be the first to post a comment

World News

Argentina | 4 May 2016
Food traders stuck in the hard times

A recent bout of poor weather has damaged South America’s corn and soyabean crops, and this has provided a rare reason for optimism at some of the world’s largest traders of food. These companies o...


New Zealand | 4 May 2016
Imported feed blamed for velvetleaf outbreak in maize crops

Imported maize used as chicken feed is being blamed as the likely cause of velvetleaf being found in Waikato maize crops. The feed is thought to have entered New Zealand contaminated with velvetlea...


India | 4 May 2016
Drought sparks distress sale of cattle

Acute shortage of fodder triggered by prolonged heat wave across Telangana is driving thousands of farmers to sell off their cattle. The Telangana Goshala Federation, which works for the rescue and...


USA | 4 May 2016
Aging agriculturalists: Study raises concern over farmland future

LaSalle Florists has been growing for 82 years, but current owner John LaSalle, who says he started at age 3 in the business his grandfather launched in 1934, is in his 60s, and looking ahead to the d...


Ireland | 4 May 2016
Dairy farmers push for suspension of superlevy

The Cork-based dairy farmer wants the new minister to prioritise the full use of the EU Commission’s temporary State Aid allowance to support farmers. “2016 superlevy repayments will begin to be de...



Trending Now

Viewed
Discussed

Farms and Land for sale


Holiday Rentals search



Top stories you may have missed
Username
Password