LETTING & ESTATE AGENT

Landlord HMRC Amnesty

Landlord HMRC Amnesty

Do you have one or a number of properties that you rent out? Have you never submitted a tax return to HMRC? If you have answered yes to these questions, the HMRC will be coming to get you! Whether you have made a profit or not, if you are a landlord and receive rental income of any amount, you MUST submit a tax return each year and pay any taxes due. The HMRC are giving landlords at least 18 months to come forward and catch up on their tax returns and for those that do come forward, HMRC have promised that the penalties will be less than if HMRC were to find you after the end of the amnesty. If you are unclear about what expenses are allowable deductions, I would suggest that you appoint an accountant to look after your tax return for you. Don't delay; submit your tax return(s) before the end of the amnesty.