Landlords to be brought to task by HMRC

Date: 9th November 2011

Small businesses and individuals working in the buy-to-let sector are set to have their bookkeeping scrutinised by HM Revenue & Customs (HMRC).

The department has announced that a new taskforce has been set up in order to place the UK's landlords under the microscope.

This could encourage a number of people working in the sector to seek the assistance of a specialist accountancy service to ensure their tax affairs are up to date and in order.

HMRC has confirmed that landlords in the north-west of England and North Wales will be the first brought to task over any tax anomalies.

Mike Wells, HMRC's director of risk and intelligence, said: "These taskforces will come down hard and fast on those who have chosen to break the rules and deliberately evade the taxes they should be paying. Honest businesses, however, have absolutely nothing to worry about.

"HMRC is clear - if you deliberately seek to evade tax we can and will track you down and you'll face not only a heavy fine, but possibly a criminal prosecution as well."

The news comes shortly after the launch of similar taskforces focusing on scrap metal dealers and those working in the restaurant sector.

Posted by Emily Smith