Good news for landlords!
HMRC are to provide computer based tutorials to help Landlords understand their tax responsibilities.
The bite sized modules will explain when and how property letting starts, the various types of property income such as furnished, unfurnished, holiday lets, Rent-a-room, the Non-resident landlord scheme, and how each of them are taxed.
They will cover the correct handling of income and expenditure, tips on record keeping, property disposal, capital gains and inheritance tax, details on tax return filing and important payment dates.
The training is part of HMRC’s Let Property Campaign, which is aimed at people renting out residential property who may not have registered to pay tax, who have under-declared their income, or who have underpaid their tax.
Laura Pollard, head of HMRC Campaigns, said: “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.
“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”.
The Association of Residential Letting Agents, the National Landlord Association and the Residential Landlord Association will also make the training available to their members. HMRC have started writing to 40,000 about their tax, however, you can get the details of the Let Property campaign and the tutorials from the HMRC website.
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