The Summer Budget 2015 has raised many questions for landlords after plans to restrict mortgage interest tax relief to the basic rate. The RLA’s tax specialist partner, RITA, has created a simple guide for landlords to help them to understand tax and their rental income.
The RLA and RITA’s ‘A Simple Guide to Tax’ answers the simple question ‘Where do I start with my taxes?’
As has been shown by HM Revenue and Customs’ (HMRC) ‘Let Property Campaign’, a scheme targeting those not declaring rental profits, landlords do not understand their taxation obligations. It has previously been reported that 1 in 3 landlords did not declare their rental profits, highlighting the need for greater landlord education and awareness in the self assessment tax system.
With the changes within the budget and increasing scrutiny on landlords it is important now more than ever to make sure that you have your records in order.