Rental Property Owners – Own Up Now!

Whilst many individual industries have been targeted by tax amnesties in the past, this is the first time that HMRC have targeted the general population as a whole.  This latest amnesty is asking for anyone who owns a rental property but has not declared their rental income to come forward and do so now.

Those people who come clean during the amnesty will be treated with leniency, but anyone who doesn’t volunteer the information and is subsequently caught, will be subject to severe penalties.

Many property owners are blissfully unaware that they are making a taxable profit, because their monthly rental income is lower than their monthly mortgage repayments.  However it is only the interest element of the mortgage repayment that is a tax deductible expense.

If you receive any rental income you should be completing a self assessment tax return each year, regardless of the level of profit you make.

For further advice please call Simon Kirkbride on 01768 864466.

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