22^nd Jul 2019

New figures show that the number of landlords owning up to not paying their tax has rocketed.

The HMRC's recent Let Property Campaign as part of its crackdown on unpaid tax by landlords, has resulted in a 145% leap in the number of BTL investors confessing to not paying their tax.

The number rose from 6,600 in 2017/18 to 16,110 in 2018/19.

Those landlords who owned up to unpaid tax on their rental income have doubled the amount of additional income to the HMRC's coffers, from £21m in 2017/18 to £42m in 2018/19.

The HMRC's Let Property Campaign, is giving landlords an amnesty to those who owe tax on their rental income and are being offered 'helpful' terms to pay up, without risk of prosecution or further fines.

If anyone has failed to notify the HMRC about unpaid tax, then they should do so immediately and will be given 90 days in which to calculate how much is owed and to pay up within that period.

Mark Giddens, a partner at an accountancy firm, said: “HMRC sees the buy-to-let market as a source of hundreds of millions of pounds of unpaid tax.

“The amount collected just from landlords coming in from the cold suggests they may not be too far wrong with that estimate.”


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