HMRC to crackdown on tax dodging

News Article - 29 January 2008
Category: Business

Landlords could soon be receiving a visit from the taxman as part of an HM Revenue & Customs crackdown on tax avoidance.

New powers will allow government officers to inspect records in the landlords' homes, reports the Daily Telegraph.

Letters have been sent warning landlords of the measures, coming into force in April, which were created due to concerns that buy-to-let investors have wrongly thought their full repayment mortgage costs can be offset against their profits.

"It's likely that only the most serious cases will warrant a knock on the door from the taxman, but it signals HMRC's intent to pursue persistent tax evaders," Phil Espin, tax director of Grant Thornton, told the newspaper.

"Landlords need to be aware that HMRC has new inspection powers for visiting business premises to look at records and these powers are expected to take effect from next April."

He warned landlords to keep their private and business reporting records separately, to stop inspectors seeing personal information they have no right to check.

Article keywords: hmrc, tax avoidance

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