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HMRC are offering online tutorials to help landlords understand when and how to pay tax on property they let out.
The digital training pack is part of the Revenue’s let property campaign launched in September.
The disclosure opportunity aims at people who rent out residential property and have either not registered to pay tax, under-declared their earnings or under-paid tax.
HMRC are offering online tutorials to help landlords understand when and how to pay tax on property they let out.
The digital training pack is part of the Revenue’s let property campaign launched in September.
The disclosure opportunity aims at people who rent out residential property and have either not registered to pay tax, under-declared their earnings or under-paid tax.
The Association of Residential Letting Agents, the National Landlord Association and the Residential Landlord Association are to make the taxman’s tutorials available to their members. Short modules cover:
- when and how property letting starts, and what to do;
- the types of property income, eg furnished, unfurnished, holiday lets, rent-a-room, and the non resident landlord scheme, and how they are taxed;
- the correct treatment of income and expenditure;
- tips on record-keeping;
- taxes relevant to property disposal;
- tax return filing and paying dates; and
- PAYE and VAT obligations.
HMRC have begun to write to about 40,000 landlords about their tax affairs. More than 2,500 people have so far taken advantage of the let property campaign.
