The HMRC (HM Revenues and Customs) has uploaded tutorials providing training  to help landlords with their tax returns.

This is a project to ensure that landlords fully understand their duties when to fill in their returns and the amount of taxes that they should pay on their property letting.

The tutorials are all part of the government's Let Property Campaign to target those landlords who have been renting out homes and have overlooked the requirement to register and pay tax due, or for those who have not paid the full amount owing.

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.”

PIMS Richard Merrick says: "We have already included all of the tutorials from the HMRC as we welcome this assistance from the department, as some people find it a quagmire and a nightmare". 
 
The tutorials are broken down into accessible modules and are easier to take on board as they are relatively short and includes:

• Telling the HMRC when you first let a property
• the best way for income and expenditure, both revenue and capital
• how to efficiently keep the books
• all types of property income – furnished, unfurnished, holiday lets, Rent-a-Room, Non -Resident landlord Scheme – and what tax is due from each type
• Capital Gains and Inheritance Tax
• tax return filing and paying dates – how and when to do this
• PAYE and VAT obligations

Over the last six months or so, the HMRC has embarked on a campaign of sending correspondence to over 40,000 landlords enquiring about their tax affairs. This has resulted in nearly 3,000 landlords acting on their own initiative, contacting the department to sort out their tax affairs under the requirements of the Let Property Campaign.

Warning:

Richard Merrick of PIMS says, "The HMRC has never been philanthropic, the tutorials are there for a reason and are extremely informative.

"Anyone who contacts the HMRC must be absolutely sure that they are fully compliant with the tax regulations. If there is an element of doubt, no matter how small, always take advice from an accountant, do not rush in blindly.

"Once you have all the proper advice, facts and figures then you can be sure to achieve a favourable discussion and outcome with the HMRC."