This information should not be interpreted as financial, tax or legal advice. Mortgage and loan rates are subject to change.
While tax may not be any landlord’s favourite subject, it is something that affects us all. What would you change about the tax process?
The independent Office for Tax Simplification (OTS) wants to know how it can make landlords’ tax issues simpler. To achieve this, they have begun a consultation on the subject.
The OTS has published an online survey and Call for Evidence to find out how the taxation of property income could be simplified.
This is the chance for landlords with portfolios of all shapes and sizes to have their say.
The OTS wants to hear directly from individual landlords, small businesses, professional advisers and representative bodies.
They are attempting to ascertain which aspects of property income taxation are the most complex, as well as suggestions for improvements.
The survey is open for completion until June 5th.
Call for opinions
OTS Tax Director Bill Dodwell commented on the call for opinions:
“HMRC data shows that over two million individuals receive property rental income and many more now own property companies. For some people this may be a business, for others an investment and for some almost an accidental activity as they rent out their home as they move”
“The Office of Tax Simplification is conducting a review of property income. How easy is it to understand the rules and report the right amount of income and qualifying expenses to HMRC. Could there be simpler rules?
“Could intermediaries, such as letting agents or rental platforms play a role in helping landlords report?
“Please fill in our survey, whether you own one or more buy to let properties, have furnished holiday lets or host lodgers in your home.”
While landlords may have divided opinions over which parts of the taxation system are the most complex, every voice could make the difference in improving the process for all.