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 ...

Pensions: New alert issued over early access pension ‘liberation’ schemes

iStock_000011714357XSmallA warning was issued this week to pension savers tempted to access their pension before the minimum age of 55. HMRC (Her Majesty’s Revenue & Customs) has warned about vulnerable consumers being targeted by “unscrupulous” firms, offering early access to pension funds, often claiming to have found a loophole in legislation. Speaking this week, HMRC said categorically: “There is no loophole”. According to HMRC pension ‘liberation’ schemes work in a number of different ways, including transfers to company schemes, loans back from the ...