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Property Tax

Just a quick reminder, and as if you didn't know, all income whatever source has to be accounted for and reported to the tax man, even if you have no tax to pay you have a legal duty to report, under the Tax Management Act 1970 using ICTA88 Schedule A to 2010 and the Income Tax Act 2007 from 2010 and for those with incorporations The Corporation Tax Act 2010. 

I strongly advise anyone receiving income from property to initiate without hesitation and commence getting their property tax affairs up to date. Certainly there is a HMRC PROPERTY LET CAMPAIGN  on presently for landlords meaning any penalties if any will be set off depending on your levels of disclosure and co-operation. 

https://www.gov.uk/government/publications/let-property-campaign-your-guide-to-making-a-disclosure/let-property-campaign-your-guide-to-making-a-disclosure

Don't ignore it just get good advice - a good accountant will save you money by offsetting amounts you will not be aufait with.

Lastly, last April commenced the "ticking time bomb" which will impact all income tax payers with mortgages on properties. Mortgage interest is not a deductible item and will push many into the higher rate tax bracket. If your accountant is advising incorporation or a Beneficial Interest Company Trust your likely being poorly advised.

Need to have a chat please contact me on john@cityletsliverpool.com

 

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