Landlords warning on tax crackdown (From Kidderminster Shuttle)
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Landlords warning on tax crackdown
8:00am Saturday 16th March 2013 in News
PROPERTY landlords across Wyre Forest are being warned about new rules to tackle tax avoidance.
The warning comes from property management specialist Julia Williams who is concerned that not landlords in the district are taking the necessary steps to protect themselves from scrutiny.
Ms Williams’ alert follows new HM Revenue and Customs measures, introduced in January, which require letting agents to provide paperwork on every property they rent out on behalf of landlords.
She is urging landlords to avoid financial penalties and make sure all income from rental and investment properties is declared.
She said: “These recent HMRC changes have altered the financial landscape for all landlords, as even if they are not making a profit, they must declare all income from their property portfolios.”
