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Time to get your house in order

It is time for landlords to come out of the shadows.  HMRC are offering landlords yet to declare and pay tax on their income an opportunity to come forward and face lower penalties as a result.  Once the offer has expired, HMRC will use information they have gathered to identify and contact rogue landlords.  At that point, penalties of up to 100% of the unpaid tax can be expected.

My advice: it's best to contact HMRC before they contact you. Not only because lower penalties but also because you will have more time to pull together the information you need in orfer to claim deductions against your rent.  By the time you factor in mortgage interest, insurance and minor repairs, such as painting and decorating, it may be that only a small profit remains.  Plus, you can expect a much smoother ride HMRC generally.  If they come to you, then you can expect them to take an interest in other entries on your tax returns, past and future.

In the words of HMRC:

"We appreciate some people will have made honest mistakes, and some may not be fully aware that the rent from a property is taxable, and that is why it always makes sense to talk to us so we can help.  It is always cheaper to come forward voluntarily and pay the tax you owe, rather than wait for HMRC to come calling."

If you have rental income to declare then BW Medical Accountants can help you get the best possible deal from HMRC.

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  • BW Medical Accountants have a good working knowledge of General Practice and are keenly aware of the challenges Practices face within the changing environment of the NHS.  We have been very impressed by the way BW Medical continue to deliver the range of services they provide from Accounts to Tax and NHS Pension advice. 

    We have found Practice consultation and engagement from BW Medical specifically helpful to shape the future of the Practice.

    GP Partner
    GP Practice, Newcastle
  • We had no hesitation in moving to BW Medical Accountants.  For any business your accountant is integral, and for us one of the most important factors to this relationship is to have a personal and trusting approach, which BW have undoubtedly achieved. 

    The service we receive and the interest they show in our practice assures us that they have a genuine interest in us and commitment to us.  More importantly they are always helpful and polite to answer even the dumbest of questions!  They give us confidence and reassurance knowing that they are always very up-to-date with all the numerous changes within general practice and we would have no hesitation in recommending them to other practices seeking a professional and personal accountancy service.

    Jackie Rotherham, Practice Manager
    The James Street Family Practice, Lincolnshire
  • We changed to BW Medical Accountants and I would say we have just had the most transparent and understandable end of year meeting and the best planning advice I have ever had in 16 years of practice.

    GP Partner

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