You can become a landlord for many different reasons; you might not even think of yourself as one. This could be because you’ve:
- inherited a property
- rented out a flat to cover your mortgage payments
- moved in with someone and need to rent out your house.
If you follow this link http://bit.ly/2w4rf17 it takes to the gov.uk web page for Guidance on HMRC’s Let Property Campaign.
On the page there are examples of the most common tax errors people make when renting out their property and are all part of the Let Property Campaign which aims to help landlords bring their tax affairs back in to order. These include:
- Moving in with a partner and renting your property.
- Inheriting a property.
- Property bought as an investment.
- Moving in to a Care Home.
- Jointly owned investment property.
- Property bought for a family member at university.
- Armed Forces.
- Tied accommodation.
If any of the above apply to you, or if you are unsure whether your circumstances are covered, you can contact HM Revenue and Customs direct or you may wish to discuss matters with us first. Please call us on 0116 2423400
Linda Plumb, Credit Control