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Buy-to-let investors face tax crackdown

Started by propertyfag, December 10, 2008, 08:53:43 AM

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propertyfag

A report from MPs said buy-to-let landlords were among a "high risk" group of people who evade their fair share of tax in the black economy and should face far tougher penalties.

The MPs recommended a campaign to crack down on them, starting with an advertising campaign initially offering an amnesty to those who pay off their undeclared tax debts immediately.

Those which continued to evade their fair share of tax would face 100pc penalties of the amount owed. Serious offenders would end up in court and a criminal record.

full story here


Jools

According to my accountant the HMRC have people trawling through the Land Registry looking at peoples registered houses and then comparing the owners to those submitted on the tax returns. Apparently they are quite effective at it too!
B*****ds. MAinly looking for the accidental landlords but luckily I pay my taxes!

Jools

propertyfag


Aunty_P

They also use Letting Agents as another arm of thier tax collecting activity.  All Letting Agents are being ordered by the IR to disclose full annual accounts of all landlords they have found tenants for or manage properties for.  They used to ask for an annual return of all earnings by overseas landlords but now they ask for all UK landlords as well.  This year they sent out an extra order 6 months after receiving the annual one. 

It stinks.