Below is an article from Jessica Alomankeh, LLAS/UKLAP Projects Coordinator, that will interest landlords:
“HMRC is offering a range of support and advice for residential property landlords who want to bring their tax affairs up to date. Landlords are being offered online training in tax matters from HMRC. The computer-based tutorials will make it easier for you to understand when and how to pay tax on property you have let out.
The training pack is part of HMRC’s Let Property campaign, aimed at people renting out residential property who have not registered to pay tax, who have under-declared their earnings or who have under-paid tax. Details of the Let Property campaign can be seen here www.gov.uk/let-property-campaign HMRC has started writing to about 40,000 landlords about their tax. So far, more than 2,500 people renting out residential property have voluntarily contacted HMRC to put their tax affairs in order under the Let Property campaign.
The training pack has been developed to help landlords get their tax affairs right from day one. You can also use it to keep on track in the future. The bite-sized modules will explain:
- When and how property letting starts, and what to do
- The various types of property income – furnished, unfurnished, holiday lets, Rent-a-Room, the Non Resident landlord Scheme – and how they are taxed
- The correct treatment of income and expenditure, both revenue and capital
- Tips on record-keeping
- Property disposal, Capital Gains and Inheritance Tax
- Tax return filing and paying dates – and when and how
- PAYE and VAT obligations
The new tutorials can be seen at Letting out property
Property Rental Toolkit
Landlords who have failed to register with HMRC, or who have under-declared or under-paid tax risk being checked by HMRC. If you wait for that to happen, you won’t be able to sort out your tax affairs under the best terms. If you are in any doubt, you should try the training and, if you think you need to bring your tax affairs up to date, you should contact HMRC.
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