Landlords get online tax training
21 May 2014 01:03 PM
Landlords are being
offered online training in tax matters from HM Revenue and Customs
(HMRC).
The computer-based tutorials
will make it easier for them to understand when and how to pay tax on property
they have let out.
The training pack is part
of HMRC’s Let Property campaign, aimed at people renting out
residential property who have not registered to pay tax, who have
under-declared their earnings or who have under-paid 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. If they are in any
doubt, they should try the training and, if they think they need to bring their
tax affairs up to date, they should contact us.
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 is also in discussion with other landlord associations
to make the training available to them.
The bite-sized modules will
explain to landlords:
- when and how property letting
starts, and what to do
- the various types of property
income – furnished, unfurnished, holiday lets, Rent-a-Room, the Non
Resident landlord Scheme – and how they are taxed
- the correct treatment of income
and expenditure, both revenue and capital
- tips on
record-keeping
- property disposal, Capital Gains
and Inheritance Tax
- tax return filing and paying
dates – and when and how
- PAYE and VAT oblig
ations
Details of the
Let Property campaign and the tutorials
themselves are both available online.
HMRC has also started
writing to about 40,000 landlords about their tax. So far, more than 2,500
people renting out residential property have voluntarily
contacted HMRC to put their tax affairs in order under the Let
Property campaign.