Tax Advantage – staying on the right side of HMRC
Tax relief is an important topic in the private-rented sector right now – with many landlords going as far as saying changes made to the allowances in the last budget may force them out of the buy-to-let market.
But many may be unaware of a campaign which HM revenue and Customs has been running for the last two years.
The Let property Campaign allows landlords to declare any income they have failed to disclose in the past.
But, as Dave Murphy, a landlord accountant at Tax Advantage explains, the amnesty will not be running for ever.
To find out how the campaign works and for more rental property tax tips read Landlord Voice Magazine Sheffield edition