HMRC warns it's time to declare offshore assets

Taxpayers could face penalties if they fail to declare their income on foreign assets before Requirement to Correct legislation comes into force: https://www.gov.uk/government/news/hmrc-warns-its-time-to-declare-offshore-assets

Landlord support from HMRC. Help, Guidance & Amnesty Declaration

HMRC has an online learning package that tells you what you need to do to meet your tax obligations as a landlord. The learning package includes:

  • key dates for sending HMRC your tax return
  • when you need to pay your tax
  • what records you need to keep
  • how to work out your taxable profit
  • what expenses you can claim.

You can find more information on the HMRC website. To access this learning package, please copy and paste the address below into your browser.

http://www.hmrc.gov.uk/courses/syob2/letting/index.htm?WT.mc_id=LPC1

Other HMRC information for landlords can be found at the following Link

https://www.gov.uk/guidance/help-and-support-for-landlords

There is also currently an amnesty in place for Landlords that have historically been receiving an income from Property yet have not declared this to HMRC. Landlords can go to the let property campaign for further information regards this. Fines and penalties for failure to disclose can be very high.

https://letproperty.campaign.gov.uk/

For further specialist help and support contact us

By |2018-09-10T11:17:16+00:00September 3rd, 2018|Personal tax, Tax|

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