Rental Income Tax Compliance

In an effort to reinforce tax compliance among property owners, HM Revenue & Customs (HMRC) has revitalised its initiative targeting rental income. This campaign, which saw a pause during the COVID-19 pandemic, is now being pursued with renewed vigour.

​Recently, we've seen a notable increase in inquiries from landlords across various UK regions following HMRC's outreach. These individuals have reached out to us after receiving HMRC correspondence seeking updates on their rental tax affairs.

Tax management can often be a complex area for landlords, particularly in understanding and meeting their tax obligations. One common area of confusion is the requirement to declare income derived from property rentals. Additionally, HMRC is actively sending reminders to those with second properties, signaling a clear intent to scrutinise undeclared income from such rentals.

Another challenging aspect for property owners is navigating the intricacies of Capital Gains Tax. This becomes particularly complex for those who have previously occupied their rental properties, as claiming Principal Private Residence (PPR) relief involves specific conditions and calculations.

Our expert team is well-equipped to assist landlords in evaluating and addressing these tax-related concerns. We provide guidance to ensure compliance and help in rectifying any potential issues.

We are here to support you in managing your property tax responsibilities.

Contact us today at 0121 440 4242 for professional assistance.