Landlords must let HMRC know within six months of the end of the tax year in which they began to receive rent from tenants. The deadline this year was October 5th.
You are probably aware by now that the Inland Revenue have been conducting the Let Property Campaign to give landlords the opportunity to bring their tax affairs up to date and pay any tax they owe as a voluntary disclosure. If landlords do not act, and the HMRC finds out later they face the possibility of higher penalties and criminal prosecution. Details of the campaign can be found online at www.gov.uk.
Did you know that our landlord's Rent Guarantee Insurance policy includes additional covers; one of which is for Tax and VAT investigations? As you may be aware, HMRC conduct random investigations for all businesses and therefore it is useful for a landlord to have cover in place to protect against the additional costs that occur.
Section exclusions: Any dispute arising during the first 30 days in respect of HMRC Investigations.
We offer a quotation for Rent Guarantee to all landlords when they request a quotation for buildings and contents insurance. The annual premium is only £99.00 inclusive of Insurance Premium Tax (Terms and conditions apply).