Private Landlords operating in Yorkshire will be targeted by one of six HM Revenue & Customs (HMRC) task forces warns Belvoir Sheffield, leading letting agent in Sheffield.
Rick Flay, Director at Belvoir Sheffield, who offer a wide range of property to rent in Sheffield, said: “ARLA has said that the new taskforces are likely to be focussing on landlords providing temporary accommodation and those with houses in multiple occupancy, but specific details are yet to be announced, so here at Belvoir Sheffield we are making landlords aware of their presence.
“HMRC is also using increasingly rigorous techniques to identify those who are not paying sufficient tax and the chances of going undetected are rapidly vanishing, this is why we are telling landlords in Sheffield to make sure that their books are up to date and that their bills are paid on time.”
Aside from fulltime landlords being targeted, those providing temporary accommodation to students and labourers will also be targeted. Many landlords do not realise that VAT is chargeable on temporary accommodation as HMRC treats it in the same way as hotel. This means that landlords should be registered for VAT or risk facing a back-dated VAT claim.
HMRC’s Mike Eland, director general enforcement and compliance, earlier this week said: “These six new taskforces will bring together specialists from across HMRC to tackle tax dodgers. If you have paid all your taxes you have nothing to worry about. But deliberately evading tax you should be paying can land you with not only a heavy fine but possibly a criminal prosecution as well.
Rick, whose letting agency on Campo Lane in Sheffield, specialises in providing flats to let in Sheffield added: “Although landlords in Sheffield and the surrounding areas are being targeted we are advising them not to panic. If you are unsure of what is expected of you as a residential landlord in terms of tax or VAT, you can contact Belvoir Sheffield for a free meeting to discuss your financial responsibility.”
Belvoir Lettings Agency in Sheffield is the One Stop Specialists for Lettings including Property Management, Tenant Find, Investment and Wealth Management Advice, Fit-outs and Renovations, Furniture Packs, Investment Property Insurances and Buy to Let Mortgages.
