Shocked Chancellor George Osborne has ordered a closer scrutiny of buy to let tax reliefs after finding out that some of Britain’s richest landlords pay little or no income tax.
The Chancellor was shown redacted copies of tax returns with all personal data removed, and naively realised that instead of paying around a third of their income in tax, many were handing the tax man just 10% or less. Continue reading Shocked Chancellor orders landlord tax scrutiny
Clever Chancellor George Osborne is masking landlord tax increases with smoke and mirror financial tricks that make income tax bills look better than they really are.
Many believe they are better off this year and next after all the talk about big increases in the personal allowance that lifts the poorly paid out of the tax system and lets everyone else earn more before they start contributing to the Government’s coffers. Continue reading By George! The feel-good tax giveaway is really a con
-By Guest Columnist Mary Latham-
Landlords may be invisible but their properties are not and neither are their tenants, especially if they are among the increasing number who rely on benefits to pay their rent.
Following a meeting of the Homestamp consortium this week, I was standing on a busy street outside of a small shop talking to one of my colleagues who is an officer with one of my local authorities. Our conversation was about how we could get more landlords to work with the authority to provide homes and reduce the number of people on their homeless lists. We were soon joined by the owner of the shop who is a landlord and works with this authority to provide decent homes, so we asked him why he thought landlords were not coming forward. Continue reading Holding your umbrella upside down will not keep off the reign of the taxman
This week Property118 turns the spotlight on buy to let mortgage sourcing. We round up some of the latest buy to let mortgage news, and you can see how they compare by using our mortgage calculator. The Property Maverick returns to shed light on his investment techniques while in the news HMRC are setting their task force on Scotland and there’s a case for buy to let’s worst tenant.
Continue reading Property118 Landlords Newsletter – Issue 98
Landlords and property investors who cheat on their tax are under scrutiny from special HM Revenue & Customs task forces.
The teams in London and the North West have been so successful that HMRC has set up a third team of investigators in Scotland.
The team looking at property investors dodging tax in London is expected to yield up to £7 million in unpaid tax plus penalties and interest. Continue reading HMRC task force targets landlord tax dodgers
The tax man is tracking down landlords with undeclared rental income by demanding lists of property clients from letting agents.
Letting agents all over the UK are having to submit client lists with names and addresses of landlords and their rental properties to HM Revenue and Customs.
For many letting agents, this is the first time HMRC has asked for the information. Continue reading HMRC Tightens Tax Screw on Landlords
The great landlord receipt rip off is underway again as property investors scurry around to find expenses to off set against their rental profits.
The common scenario is probably being repeated in homes and up and down the country. Continue reading The Great Landlord Receipts Rip-off is Underway
Landlords who fail to submit their tax returns on time can expect no mercy from HM Revenue and Customs after changes in the law let the tax man levy more fines.
HMRC will turn the financial screws on tax payers filing after the midnight deadline on January 31 – and then some as other new rules mean fines for errors and omissions. Continue reading Fines for late tax returns set to quadruple
Buy to let investments do not make landlords money even though tenants are paying record rents, according to a new study.
Financial experts reckon rents are languishing below pre-credit crisis levels when tax and inflation are taken in to account. Continue reading Landlords are Buy to Let Paupers Despite Record Rents
Landlords might think that rent is the only income generated by their property business – but they may need to tell the taxman about other money coming in as well.
Deposits from tenants are probably the main other income from tenants – and the rule is that these deposits always belong to the tenant.
Continue reading Don’t Forget Rent’s Not the Only Buy to Let Income