I have often stated in previous blogs and at various speaking events, that it would only be a matter of time before the government would dot the dots!
It was recently reported in the Daily Mail, of a landlord who had received a letter from HMRC stating the following.
‘Our information shows that you have put a deposit in a ‘Tenancy Deposit Scheme’. We have compared this information with what you have told us on your Self-Assessment (SA) tax return for the year ending 5 April 2021… and suggests you may not have told us about all of your rental income.’
It really was only a matter of time, since they introduced the law in 2007 that all deposits must be protected or be fined 3 times the deposit given.
Interestingly enough, I was speaking to another landlord just before Christmas who genuinely thought she only had declare the rental income if she earned more than her annual tax free income!
Don’t get frazzled by all the red tape!
Ring me or email me firstname.lastname@example.org with your phone number.
Let’s make 2023 a better year together.