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Taxman to Target Buy To Let Landlords


HMRC have set a target to bring in £7bn per year to 2015 and Landlords with 3 or more properties are being targeted along with overseas landlords.

HMRC have launched 12 task forces aimed at targeting
landlords with 3 or more properties in 2011/12 and more in 2012/13.

The buy-to-let taskforce will specifically target tax
evasion among buy-to-let landlords who own or rent out more than three
properties. HMRC taskforces form part of the government's aim to raise an
additional £7bn a year by 2014/15 through tackling  tax evasion, avoidance and fraud.

Mike Wells director of risk and intelligence  at HM Revenue and Customs (HMRC), is quite
clear –“ if you deliberately seek to evade tax we can and will track you down
and you'll face not only a heavy fine, but possibly a criminal prosecution as

The Task forces will gain information from

Banks                              Mortgage

Land registry                    Electoral

Council tax records           Letting

It is thought the HMRC have identified 80,000 landlords
who may have claimed too much tax relief or who have failed to  declare all the rent received.

Property investors who sold homes several years ago have
also been pinpointed as well as overseas landlords.

Of course, if you keep accurate records and declare
everything you have nothing to worry about.


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