HMRC's annual press release listing wacky excuses for not paying tax on time should not include any landlords' stories in future - because the Revenue is offering online training with the help of ARLA, the NLA and the RLA.
The computer-based seminars, purpose-built for landlords, are part of HMRC's Let Property campaign aimed at landlords who have not registered to pay tax, have under-declared their earnings or under-paid tax.
Laura Pollard, who heads the HMRC campaign, says a software package has been developed to help landlords get their tax affairs right: if they do not, they run the risk of a spot-check from the tax authorities. If they wait for that to happen, they won't be able to sort their tax affairs under the best terms. If they are in any doubt, they should try the training and, if they think they need to bring their tax up to date, contact us she says.
The bite-sized modules will explain to landlords:
when and how property letting starts, and what to do
the various types of property income - furnished, unfurnished, holiday lets, Rent-a-Room, the Non Resident landlord Scheme - and how they are taxed
the correct treatment of income and expenditure, both revenue and capital
tips on record-keeping
property disposal, Capital Gains and Inheritance Tax
tax return filing and paying dates - and when and how
PAYE and VAT obligations
HMRC has also started writing to about 40,000 landlords about their tax as part of the campaign So far, more than 2,500 have voluntarily contacted HMRC to put their tax affairs in order under the Let Property campaign.
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