Landlords with undisclosed, or under-disclosed, rental income are in HMRC spotlight again, with the threat of demands for back payment of taxes, along with associated interest and penalties.
Penalties can reach a staggering 100% of the unpaid tax, in circumstances where the income has not been declared voluntarily.
HMRC use a whole host of resources from which to trigger an investigation, such as HM Land Registry and Stamp Duty Land Tax returns, reviewing reports from letting agents and tenancy deposit scheme providers, and collecting information from other government departments.
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if you have any queries about the taxation of UK rental property, from reporting to effective tax planning, get in touch with one of our private client tax team.
Our experienced and approachable team are on-hand to assist you, please get in touch below: