HMRC are offering landlords computer-based tutorials to help them understand when and how to pay tax on property they have let out according to Harris & Co accountants Northampton
The training pack will comprise bite-sized modules that explain to landlords when and how property letting starts, and what to do; the various types of property income such as holiday lets and Rent-a-Room; the correct treatment of revenue and capital expenditure; tips on record-keeping; property disposal, Capital Gains and Inheritance Tax; tax return filing and paying dates; and PAYE and VAT obligations.
The pack, which is part of HMRC’s Let Property campaign, is aimed at people renting out residential property who have not registered to pay tax, who have under-declared their earnings or who have under-paid tax. It will also be made available to members of the Association of Residential Letting Agents, the National Landlord Association and the Residential Landlord Association.
HMRC’s Let Property Campaign gives individual landlords letting out residential property in the UK or abroad an opportunity to bring their tax affairs up to date and to get the best possible terms to pay the tax owed. To get the best terms, landlords must tell HMRC that they want to take part by completing a notification form or calling the Let Property campaign helpline. They then have three months to calculate and pay what they owe.
Laura Pollard, head of HMRC Campaigns, said:
‘Landlords who have failed to register with HMRC, or who have under-declared or under-paid tax risk being checked by HMRC. If they wait for that to happen, they won’t be able to sort out their tax affairs under the best terms. If they are in any doubt, they should try the training and, if they think they need to bring their tax affairs up to date, they should contact us.’
More details about the Let Property Campaign are available from GOV.UK.
The tutorials are available from HMRC.