If you need any advice on how to get your tax affairs up to date, right from filling the notification form and registering to calculation and completion of your tax return, please get in touch with your small business accountant in Welling now.
Letting agents will have 60 days from the date of receiving the notice to let HMRC know about the rents they have collected on behalf of those landlords that have used an agency’s services for the year ended 5 April 2013. Failure to comply will result in an initial £300 penalty and up to £60 a day for continuing to fail. And if a letting agency knowingly provides inaccurate information HMRC can charge a penalty of up to £3000.
As stated earlier, HMRC is actively tackling tax evasion on rental properties and if as a landlord you want the best possible terms we advise you to disclose voluntarily now instead of later.