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At Evans & Partners we help many landlords run their property portfolios. In particular it is important for landlords to understand the tax implications of their business and the most tax efficient ways of organising their finances.
As a landlord you have probably come across HMRC's 'Let Property Campaign' which in particular focusses on landlords in the South-West. HMRC are actively targetting landlords who they suspect are underpaying tax on the rental income of their properties.
They have sophisticated methods of finding guilty landlords too. HMRC have access to multiple resources: land registry, social media and letting agents as well as tax return information.
This means that they will find you. Have a read of our blog on the topic.
Deborah Sawyer, tax manager at Evans & Partners says, 'we would urge landlords in Bristol and the Southwest to come forward if they think they may have tax bills outstanding. It would be a great advantage to them to put their tax affairs in order before HMRC come knocking, and they will.'
Sam McNiven, tax professional at Evans & Partners also commented: 'we have been helping a number of landlords who are worried about their tax situation. Some have made honest mistakes and it is very important that we help to put these right quickly to avoid penalties from HMRC'.
If you are a landlord in Bristol requiring advice, please give Sam a call on 0117 967 5215 or email her: email@example.com
To find out more about HMRC's Let Property Campaign see: https://www.gov.uk/let-property-campaign
For details of the HMRC tax amnesty please look at: https://www.gov.uk/sortmytax