HM Revenue & Customs has announced webinars aimed at landlords in its latest bid to extract the maximum tax from buy to let and other property investors.
HMRC’s Let Property Campaign, which encourages taxpayers to voluntarily disclose any tax they owe on their rental properties, received 4,330 disclosures in 2020-21 – that’s a 42 per cent decrease on the previous year.
Similarly, the tax yield from the campaign dropped almost 50 per cent from around £34m in 2019-20 to around £17m in 2020-21.
Now the Revenue has announced that there will a live webinar about the subject, covering how to tell HMRC you are receiving income from property, allowable deductions and expenses, and new topics such as using cash basis, mileage rates and finance costs.
There’s also a webinar on how landlords can complete their online tax returns, covering signing in and starting the return, showing income from property, completing and filing the return, and then paying how much is owed.
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