Property Landlords Offered HMRC Computer Tutorials

By Editorial 21 May, 2014

People who rent out residential property in the UK are being offered an on-line course by the tax authority, HM Revenue and Customs, to help them understand when and how to pay tax on rental income.

The course forms part of the Let Property Campaign, which is aimed at landlords who have not registered to pay tax or who have under-declared their tax liability. The Campaign's targets include the owners of multiple properties or single rentals (including holiday and specialist rentals), anyone renting out a room in their main home for more than GBP4,250 (USD7,153) per year (or GBP2,125 if the property is let jointly), and expat landlords.

HMRC warns that those who those who live abroad for more than six months, or who intend to do so, may still be liable for UK taxes.

Course modules explain to landlords: when and how property letting starts; how various types of property income are taxed; the correct treatment of income and expenditure; record-keeping; property disposal, Capital Gains and Inheritance Tax liability; tax return filing and payment dates; and PAYE and VAT obligations.

Laura Pollard, who heads HMRC Campaigns, explained that the training package allows landlords to get their tax affairs right from the beginning, and then to stay on track afterwards. She said that landlords who wait until they are checked by HMRC will have to settle on less favorable terms, and she advised anyone who may be in doubt to try the course.

The tutorial is also being promoted by the Association of Residential Letting Agents, the National Landlord Association, and the Residential Landlord Association. HMRC is also in discussion with other landlord associations about offering the tutorial.

HMRC says that so far more than 2,500 people have contacted HMRC as part of the Let Property Campaign, and the tax body has started writing to about 40,000 landlords. Landlords who make a voluntary disclosure about undeclared liabilities will be given three months to calculate and pay what they owe.

Tags: Capital Gains Tax (CGT) | Inheritance Tax | Compliance | Tax | Tax Compliance | Real-estate | United Kingdom | HM Revenue And Customs (HMRC) | HM Revenue And Customs (HMRC) | Individual Income Tax | Expats | Investment | Property Investment | Invest | Investment |


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