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News that Alex Salmond, the leader of the ruling SNP in Scotland, has been somewhat liberal with his recent comments about housing budgets and assistance has caught the attention of opposition...
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Wednesday 14th May 2008
It is essential that buy-to-let landlords get their tax affairs in order or risk significant fines from HM Revenue & Customs (HMRC), a business advisory firm has warned.
Alex McCann of DTE issued the warning to buy-to-let landlords as HMRC continues to target them in a new tax evasion campaign and said that should they be found to be in arrears, landlords could face substantial fines.
Mr McCann added: "HMRC is confident of success because information from stamp duty land tax returns means it can match properties to individuals’ declared principal private residences and take matters from there.
"If there is a tax arrears issue, coming forward with a voluntary disclosure could reduce any penalties."
It is thought many landlords have been paying insufficient tax because they erroneously believe that it is not owed when their mortgage swallows up their rental income.
The crackdown began in February this year.
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