Landlord Tax Training from HMRC
Posted 05 Jun 14
Landlords are being provided with the opportunity of online tax training which should help with matters relating to tax, being offered by HMRC.
Understanding and complying with deadlines is something that perhaps is difficult for landlords old and new to discover and HMRC aim to offer computer based tutorials on when and how to pay tax on property that they have let out.
The campaign, named the HMRC Let Property Campaign, is aimed at those renting property out to tenants that have not yet registered to pay tax who may have also underpaid their tax or not been able to declare their earnings in full.
Training will also be provided by the Residential Landlord Association, the National Landlord Association and the Association of Residential Letting Agents which will provide all of those property owners letting out to tenants a chance to learn how and when to declare earnings and easily pay tax due.
The head of the HMRC campaign, Laura Pollard, stated, “This package has been developed to help landlords get their tax affairs right from day one. They can also use it to keep them on track in the future.
In addition to what may be positive comments from Pollard, the HMRC have in place set discussions with other landlord associations to make the campaign available to all.
There will be modules in bite-size pieces for landlords to educate themselves on procedures which include the start of property lettings, PAYE and VAT, disposal, capital gains and inheritance tax, holiday lets, renting rooms and much more.
HMRC have begun writing to landlords, over 40,000 in fact, to let them know that they can voluntarily contact HMRC to get their tax affairs in line.
With this in mind, Laura Pollard also added, “Landlords who have failed to register with HMRC, or who have under-declared or under-paid tax risk being checked by HMRC. If they wait for that to happen, they won’t be able to sort out their tax affairs under the best terms.”
And she emphasised that those in doubt should give the training a try especially where they have not registered with HMRC, or have failed to declare tax or have underpaid.
You can find further detail on Let Property Campaign website.