Buy to Let: Tax probe to be launched on thousands of landlords?

iStock_000004583777XSmallIf reports in the national press are correct HMRC (Her Majesty’s Revenue & Customs) is about to launch a crackdown on ‘rogue’ buy to let landlords. A report in the Daily Mail, reveals that up to 900,000 buy to let investors and second homeowners could be investigated by HMRC. According to the report, there are an estimated 1.4 million landlords in the UK, but only around 500,000 have registered with HMRC, leading to concerns that millions of pounds are being lost in tax receipts. Tax on property income Income from buy to let ...

Taxman targets buy to let investors

Red and White target with three arrowThe taxman is targeting people who have sold properties without declaring the profit and who have therefore avoided paying the tax due. Her Majesties Revenue & Customs (HMRC) has launched ‘The Property Sales’ campaign, targeted at investors who have sold properties for a profit, either in the UK or abroad, but who have not declared the sale and have so far avoided paying the necessary tax. With the exception of an individual’s main residence, any property sold for a profit ...

6 simple tax saving ideas for the start of the tax year

The end of the tax year has been and gone, it's a time of the year that never ceases to amaze us. Why do so many people wait until the end of the tax year to sort out their financial affairs? It makes far more sense to do so at the start of the tax year and enjoy almost a year’s extra tax efficient saving and investing. On that note we’ve put together a list of six things you should consider doing now to make your financial affairs as tax efficient as soon as possible. 1.    Use your ISA allowance...

Overhaul of Capital Gains and Inheritance Tax on the cards?

Capital Gains Tax (CGT), Inheritance Tax (IHT) and entrepreneurs relief could be reformed as a part of a project by the Office of Tax Simplification (OTS). The OTS was launched last year by the new coalition government and provides the government with independent advice on simplifying the tax system in the UK. Evidence Giving evidence to the House of Commons Treasury Committee, John Whiting (right), tax director of the OTS, said that IHT, CGT and stamp duty could be part of a review in 2012. Whiting said that the review could follow the suggestions of the Mirrless Review, carried out by the Institute ...