The Inland Revenue has begun a clamp-down on people who have not paid tax on money they’ve made from renting out or selling buy-to-let properties. It’s fairly obvious that a large portion of the hundreds of thousands of buy to let landlords won’t be paying tax on their rental income, or profits they’ve made from selling investment properties - it’s a safe bet that many of them probably don’t even know they’re supposed to be paying tax on that income. Unfortunately for them, the tax-man has decided it’s time they were reminded of their obligations. There are now approximately one million buy to let investors in the UK, and that represents a significant chunk of taxable income for the Inland Revenue, so you can bet that it will be paying a lot more attention to this sector from now on.
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