Only a Housing Benefit officer (like me) would combine a Christmas message with information about tax penalties. I hate to think what that says about me or the picture it paints of my own Christmas.
First – the Christmas bit. Myself and Liz (your other blog editor) are very grateful for the support we have had from the blog’s readers other the last year. We’ve had helpful comments and feedback on both the blog content itself, but also, more widely on the subjects covered. It’s always encouraging to know that people read the blog and that there is some interest in what we talk about.
So thanks for the support and please keep the comments coming and also, please let us know what you want us to talk about. And before I start talking about tax penalties – I’ll just say best wishes for the holidays and the new year from myself and Liz. .
Now the serious bit.
If you’re not up to date with your tax on your rental properties – here’s your chance to things sorted. HMRC are running a ‘Let Property,’ campaign aimed at landlords who might not have their tax fully in order.
“The Let Property Campaign gives you an opportunity to bring your tax affairs up to date if you’re an individual landlord letting out residential property in the UK or abroad and to get the best possible terms to pay the tax you owe.”
The message is: If you don’t have everything in order, it’s better for you to contact HMRC and you are far less likely to incur penalties, than if you wait for them to discover a problem and come after you. The cost if you get something wrong can be very substantial and HMRC are currently giving a lot of attention to private landlords who might not be declaring all of their rental income properly. We know that the vast majority of landlords are honest and want to do the right thing, but we also know that there are some who whether intentionally or through lack of knowledge aren’t doing everything they should. This is their chance to put things right.