Investment Property Accountants - WARR & CO

Investment Property Accountants

New Year Resolution -

Get Your Tax Affairs In Order

Landlords should make a New Year resolution to bring their financial records relating to their property investments uptodate.

With effect from 6th April 2009, tax inspectors will be granted powers to visit rental properties and to inspect the records of the landlord. Indeed, Her Majesty’s Revenue & Customs (HMRC) have been collating information on UK landlords for quite a considerable time now and have a clear objective to take action against tax evaders.

Unfortunately, there are two common myths among landlords. The first is that if no profit is being made, there is no point in declaring the income. Of course, this belies the burden of proof to quantify that no profit is being made.

The second is that others mistakenly believe that the taxman will never find out and that somehow they believe they are acting under HMRC’s radar. Now more than ever HMRC is calling upon the information sources at its disposal to find landlords that are non-disclosing.

Of course, poor record keeping and / or non-disclosure can prove to be something of a false economy. Without proper advice and involvement from specialist advisers such as ourselves, landlords can often find themselves in a much worse financial state with penalties and HMRC’s own estimates of tax than if they had reported their property investments accurately and claimed all allowable reliefs from day one.

Suffice to say our advice in the first instance is to contact us for advice in regard to your personal circumstances. You may also wish to take a look at our article section for a guide to some of the reliefs available.

Date of Article: 15th December 2008

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This domain is owned by Warr & Co Chartered Accountants which is a member of the Institute of Chartered Accountants in England & Wales (ICAEW). Whilst the information detailed here is updated regularly to ensure it remains factually correct, it does not in any way constitute specific advice and no responsibility shall be accepted for any actions taken directly as a consequence of reading it. If you would like to discuss any of the points raised and / or engage our services in providing advice specific to your personal circumstances, please feel free to contact Peter Edwards on 0161 477 6789 or email us at info@warr.co.uk

 

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