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HMRC Publishes List Of Landlord Tax Errors

by Amanda Banks, Tax-News.com, London

02 August 2017


HM Revenue and Customs has published a list of common tax errors people make when renting out their property.

As part of its Let Property Campaign, HMRC has released a list of 10 of the most common errors that landlords make that can lead to them being deemed non-compliant.

The tax agency said that landlords sometimes fail to declare profits from renting out a property that they lived in before moving in with a partner, or rental profits from properties that were inherited, bought as an investment, shared under divorce agreements, or rented out after relocating to another area or moving into a care home.

HMRC said that other mistakes include:

  • Declaring allowable expenses for a rental property on the tax return of the highest earner of a civil partnership;
  • Not declaring tax on informal rental agreements on properties bought by parents for a son or daughter at university;
  • Failing to check tax implications of renting out a home while overseas with the armed forces; and
  • Miscalculating allowable expenses for offsetting minimal monthly rent against mortgage payments.

TAGS: tax | investment | United Kingdom | agreements | HM Revenue and Customs (HMRC) | HM Revenue and Customs (HMRC)

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