The Rental Database arrives

So at last we have news on the Landlord database.  It is going live by end of this year with phased rollout by region.  Significant fines for non compliance.  However, what has this got to do with Tax?

A couple of watchouts:

- if you have not been doing a UK tax return for your rentals this is a good reason to get compliant quickly.  Though there will be restrictions on access to the database you can be pretty sure HMRC will cross check versus your tax returns.  Do it now and penalties are likely less;  also

- if you have been mis-declaring you should also fix.  If only one member of a couple has declared all the income and the property is actually jointly owned this is also wrong as normally each of you should have declared 50% - so there is a penalty risk.  There is also an opportunity as well mind as you might well have overpaid UK tax in total by doing this.

If in doubt, why not book in a quick call for some advice?