Fair Rents (Scotland) Bill or Artificial state manipulation of free market rent?10:34 AM, 6th November 2020
About 4 weeks ago 36
I might be late to the party with this one. Yesterday I received from HMRC a letter/notice under Paragraph 1, Schedule 23 to the Finance Act 2011 from HMRC requiring me (as a letting agent) – a ‘relevant data holder’- to provide ‘relevant data’ about the landlords I manage for and the payments that have been made to them.
What this means is that I have to complete a spreadsheet detailing the full names of all of my landlords and their home addresses, their rental property addresses and the total gross amount received for each. At the moment this is being restricted to the 2016/17 tax year.
I have well over 300 properties on my books, making this a mammoth task, and the data they are requesting needs to be transcribed on to HMRC’s specific spreadsheet in the specific format they insist by 09th April this year.
I discovered some background to these notices on an accountant’s blog, but in brief, there are 900,000 landlords not paying tax on their rented properties, a ‘be-honest-and-come-and-talk-to-us’ campaign by HMRC proved fruitless, so now they’re making me jump through hoops!
Who pays for the ridiculous amount of time this will take? And whilst I may be required to provide the information, am I forced to provide it in their format (my software can run reports with various parameters but ultimately it has to be manually transposed). Some of my questions are answered in HMRC’s handy FAQ guide, but I’m trying to distinguish between legislative obligations and their wish list.
I’d be keen to hear readers thoughts on this action.
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Our mission is to facilitate the sharing of best practice amongst UK landlords, tenants and letting agentsLearn More