Property investors with an interest in landlord insurance quotes need to make sure their affairs are in order as the taxman intends to target landlords across the UK in the next few months.
The Landlord Syndicate group, who support landlords in every corner of the UK, are warning property owners in Sunderland. Durham, York, Leeds, Lincoln, Leicester and Nottingham, that tax inspectors have been specifically ordered to investigate the business affairs of landlords in those areas. The group say that landlords who keep their books in order have no need to panic but are recommending those that do have trouble finding time to keep their books up to date find someone that can help them quickly.
Amer Saddiq, an active member of the Landlord Syndicate, said “It is always the landlord’s responsibility to let HMRC know that they are receiving income from a property, even if they are not making a profit from it. Those that have not done so already need to speak to an accountant or tax advisor as soon as possible. Every landlord should be prepared in case they get a knock at the door. Even if you have declared your income/expenses, then it is just as important to make sure you have a good book keeping system in place where everything has been logged so HMRC can easily be satisfied that your property accounts are in order.”
Simple tips offered by the syndicate include keeping all receipts pertaining to the business however small, and always keeping a separate bank account for business dealings. It is a fact that many landlords don’t actually claim enough tax relief, with a large number forgetting to claim for home expenses if they base their business in a room at their own home.