HMRC’s Wealthy External Forum is sending one-to-many letters to taxpayers who have submitted deposits into the tenancy deposit scheme but who it suspects may have under-declared their rental income in their 2020-21 tax returns.
The letter urges recipients to check and where necessary correct their 2020-21 returns. It also suggests that landlords who have already submitted their 2021-22 returns should ensure it includes all rental income. The letter also advises that anyone with any health issues or whose personal circumstances are hindering such disclosure should contact HMRC.
George Guilherme-Fryer a director in tax disputes team at Kreston Reeves said: ‘Landlords in England are limited to taking a five weeks’ deposit for new and renewed tenancies with rent under £50 000 a year or up to six weeks if the annual rent is £50 000 or more. As most landlords take...
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