Tax offices can now insist on letting agents disclosing what properties are let on behalf of landlords.
The principal reason for this move is to check on taxpayers who may or may not declare income from property lettings.
Furnished, unfurnished or holiday lets are all included.
Agents who fail to co-operate face substantial fines.
Therefore if you have rental income and have been doing so before April 2014, but not declared to tax offices seek advice.
With the popularity of owning second properties increasing, letting for profit has become a popular home for surplus cash rather than receive paltry interest on deposit accounts.
Property income from foreign properties owned will be covered.
Undisclosed income from property lets can incur tax owing, penalties and interest.
For advice contact Brian Foster & Co Accountants.
19th October 2010
Accountant at Brian Foster & Co.
Tel no: 01922 457 201