As part of HMRC’s let property campaign, HMRC will now write to letting agents in the UK, asking them to provide a list of the rents they have collected on behalf of landlords in 2012/13.
The information requested will include the landlords’ address, together with the address of the let property.
The letting agent will have 60 days to provide the information or face penalties. It is understood that the information is to be provided in a predefined spreadsheet, to be sent electronically to HMRC. HMRC will also use its Connect data analysis programme to search holiday rental websites for UK landlords who are letting overseas properties.
All property rental income does need to be disclosed on a self assessment tax return, regardless of whether or not the property let makes a profit. If you are uncertain of what to record or have any further queries on letting property, please do get in touch.