Proposed new tax returns for landlords

Private landlords across the county will be please to receive news from the HM Revenue and Customs that they will not be clamping down on tax with its new measures proposed before the Government.

Over 500 landlords petitioned the government to disapprove the proposed changes citing that it would cause many landlords to have to raise rent prices that in turn would affect many tenants. In such times when holding onto a roof above one's head can be difficult with unsteady employment prospects the government are keen to make housing accessibility as easy as possible.

Both landlords and letting agents joined in the petition to seek for clearer information about the new measures regarding let property tax returns.

However HM Customs are concerned that nearly 1 in 5 let properties are declared with the incorrect purpose status in a bid to halt tax payments on the properties or to prevent some landlords being pushed up into higher tax brackets.

They also insist that landlords have a responsibility to declare income made from let property and that a failure to do so would be a direct breach of mandatory law. However help is on hand as the office understands that many who are new to the industry may find the system too complicated and that mistakes are only natural.

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August 28^th 2009

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