£17m was collected by HMRC from buy-to-let landlords in the last year, with the Treasury clamping down on the large amount of unpaid tax in the sector.
Thousands of landlords are being contacted by HMRC through its Let Property Campaign – an opportunity for landlords who owe tax through letting out residential property, in the UK or abroad, to get up to date with their tax affairs. Residential property within the campaign’s scope includes:
- those that have multiple properties;
- landlords with single rentals;
- specialist landlords with student or workforce rentals;
- holiday lettings; and
- those who live abroad or intend to live abroad for more than 6 months and rent out a property in the UK
HMRC uses a wide-ranging data analytical model which is designed to process and analyse huge volumes of data and reduce the tax gap. For instance, Connect is a data matching and risking tool that allows HMRC to cross match one billion HMRC and third-party data items.
Get in touch
If you are a buy-to-let landlord and concerned about your tax liabilities, contact our Tax team 01788 539000 or 0116 261 0061, or email [email protected].