Landlords are being offered online training in tax matters from HMRC

The computer-based tutorials will make it easier for landlords too understand when and how to pay tax on property they have let out. Here is a new post on being a landlord, and some great tips.

The training pack is part of HMRC’s Let Property campaign, aimed at people renting out residential property who have not registered to pay tax, who have under-declared their earnings or who have under-paid tax.

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.

The Association of Residential Letting Agents, the National Landlord Association and the Residential Landlord Association will also make the training available to their members.

The bite-sized modules will explain to landlords:

  • when and how property letting starts, and what to do
  • the various types of property income – furnished, unfurnished, holiday lets, Rent-a-Room, the Non Resident landlord Scheme – and how they are taxed
  • the correct treatment of income and expenditure, both revenue and capital
  • tips on record-keeping
  • property disposal, Capital Gains and Inheritance Tax
  • tax return filing and paying dates – and when and how
  • PAYE and VAT obligations

Details of the Let Property campaign and the tutorials themselves are both available online.HMRC has also started writing to about 40,000 landlords about their tax.Here at Finton Doyle we have many landlord clients and we are able to offer bespoke bookkeeping and accounts packages to residential landlords.  Call us on 01772 883881 to arrange a free consultation appointment.

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