Landlords warned to pay tax as UK property lettings boom
Housing-Market / Buy to Let Apr 01, 2007 - 01:22 PM GMTBy: Submissions
A new trade and national advertising campaign launched in February advising landlords who let a room in their home or run a business, of the need to declare their earnings and pay tax on any profit.
Landlords who let multiple properties could be considered to be running a rental business. They should go to the HM Revenue & Customs (HMRC) website at http://www.hmrc.gov.uk/findout and click on the box that says 'landlords' to check if they are liable for tax.
If they are, they should contact HMRC for a self assessment and a land and property form, or register as self-employed by calling the Self-Employed helpline on: 0845 915 4515.
HMRC's Director of Risk & Intelligence, Stuart Hartlib said:
"The guidelines and advice on the website are not complicated, and information is just a click away.
"If landlords are self-employed they can download a form online, or call the Self-Employed helpline.
"Landlords should register with HMRC within the first three months of starting up a new business."
Issued by HM Revenue & Customs Media Relations Team
Website http://www.hmrc.gov.uk
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