x
By using this website, you agree to our use of cookies to enhance your experience.
Graham Awards

TODAY'S OTHER NEWS

Tax clampdown on landlords: HMRC webinars aimed at investors

HM Revenue & Customs has announced webinars aimed at landlords in its latest bid to extract the maximum tax from buy to let and other property investors.

HMRC’s Let Property Campaign, which encourages taxpayers to voluntarily disclose any tax they owe on their rental properties, received 4,330 disclosures in 2020-21 – that’s a 42 per cent decrease on the previous year. 

Similarly, the tax yield from the campaign dropped almost 50 per cent from around £34m in 2019-20 to around £17m in 2020-21. 

Advertisement

 

 

Now the Revenue has announced that there will a live webinar about the subject, covering how to tell HMRC you are receiving income from property, allowable deductions and expenses, and new topics such as using cash basis, mileage rates and finance costs.

There’s also a webinar on how landlords can complete their online tax returns, covering signing in and starting the return, showing income from property, completing and filing the return, and then paying how much is owed. 

Want to comment on this story? If so...if any post is considered to victimise, harass, degrade or intimidate an individual or group of individuals on any basis, then the post may be deleted and the individual immediately banned from posting in future.

  • George Dawes

    Go for the easy targets , typical

    What about Amazon etc ?

    More proof that the annihilation of the prs is their objective

  • icon

    Don't these statistics have a simple explanation?

    HMRC give an 'amnesty' for non-compliant landlords. In the first year they have a large take up and revenue is large as a lot want to 'come clean'.

    In subsequent years the non-compliant landlords are now compliant (to a larger degree -no system is perfect in any business sector), therefore we have less non compliant landlords 'putting their hands up' because the greater amount are now compliant. Therefore it would follow that the 'windfall' income rises that they have enjoyed won't be sustained? Isn't this as the television advertisement says 'Simples'?

    If I'm missing something im happy to be put right.

    icon

    Agree totally. The rogues will continue to be rogues, operating under the radar anyway.

     
    Bill Wood

    Exactly so Paul. 'Simples!'

    Reminds me of the Inland Revenue prosecuting Ken Dodd in 1989. Dodd was acquitted, but afterwards the IR received a massive amount more tax from other performers who were worried they too would be prosecuted.

     
  • icon

    Bit of a non story IMO, if you pay your tax what's the issue. I'm sure HMRC will have sights on other areas also. Targeting Landlord's - sensational headline especially as it's webinars!!

    Agree with comment about fair tax for the large corporations whom seem to be able to set their own tax.

  • icon

    It's their own fault there is confusion. Until about 2014 their own website said landlords were allowed up to about 10k in rental income without needing to declare it. Then they silently removed that line and left it to people to find out they were paying too little tax.

  • icon

    I agree with Paul’s thinking of statistics a bit like less people dying from Corona because the most vulnerable died quickly in the beginning, so not as many dying now. I remember those other individual cases like Ken Dodd knotty ash, Lester Piggott Champion jockey or even Harry’s Dog Account but not commenting on those just reflecting and aware.

icon

Please login to comment

MovePal MovePal MovePal
sign up