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 landlords evading tax face a crack down from a new HM Revenue and Customs task force.
Tax inspectors will target buy to let landlords with portfolios of three or more properties in the North West and North Wales. Continue reading Landlord Tax Cheats Targeted by HMRC Task Force
"HMRC have issued reassurances over phishing emails"
Fraudsters are sending out thousands of bogus emails to try to trick taxpayers to give out their bank details in return for HM Revenue and Customs refunds.
HMRC fraud investigators are handling around 1,000 reports of scam email every day and close down 100 fraudulent web sites run every month.
The problem is escalating as the number of reports has surged by 300 per cent in the last 12 months.
The phishing emails look to come from HMRC but links lead to a clone of the tax man’s web site. Continue reading HMRC Handles 1,000 Tax Fraud Emails Every Day
Buy to let landlord should get tax breaks say Paragon
Buy to let movers and shakers have urged the government to consider the private residential landlords as businesses to promote more investment in housing.
Landlord mortgage specialist John Heron, managing director of Paragon Mortgages berated the government for failing to motivate property investors with tax breaks.
Heron made his remarks while raising the curtain on the Council of Mortgage Lenders buy to let conference at London’s Earls Court Conference Centre. Continue reading Give buy to let more tax breaks, urges Paragon MD
Many landlords are handing unnecessary cash over to the tax man because they do not know what expenses they can claim for running their property businesses.
Even a new study by landlord mortgage specialist Paragon Mortgages does not cover all the costs that a buy to let investor can claim. Continue reading Tax expert comments on Paragon Group landlord survey
HM Revenue and Customs has launched the first in a rolling campaign of cut-price amnesties aimed at encouraging people in property related businesses to give up cheating on their tax.
From this week, letters will invite around 50,000 plumbers, gas fitters and heating engineers to put their tax affairs in order with a special discount on fines and penalties of 10% – 20% by August 31. Continue reading HMRC kicks off blitz on property tax cheats
Guest Blog provided by Steve Sims, author of ‘Understanding And Paying Less Property Tax For Dummies’. Steve and his wife Amanda also have a boutique accountancy business which specialises in providing taxation advice and accountancy services for property investors. Continue reading Shock tax checks surprise property businesses