Industry experts believe landlords are clearly ‘in the sights’ of HMRC and see this sector as a focus area. Sources suggest that HMRC is obtaining more data from agencies, which feeds into their central database to help with the identification of companies and individuals.
Ensuring you have your tax affairs in order when it comes to your rental properties is essential as Richard Proctor, Partner at East Anglian chartered accountants Larking Gowen, says: “HMRC is aware of the increased popularity of buy to lets and clearly see this sector as a risk area for the non-reporting of income and capital gains. It is therefore more important than ever that landlords take their tax reporting obligations seriously and adopt all reasonable steps to ensure that their submitted annual tax returns are complete.”
Following rules and regulations and seeking professional advice when it comes to tax makes for good practice, but should circumstances arise where you are subject to an investigation cover is available through insurance products.
Legal Expenses Insurance
Alan Boswell Group can provide cover for tax investigation as part of our legal expenses policy which can be purchased alongside your landlord’s policy. The cover provided allows for professional expenses incurred representing you in the event of an HMRC investigation or tribunal. Whilst there will not be cover for any resulting fines, or when there has been deliberate tax evasion, there is substantial cover and advice for genuine issues.
The insurance covers professional expenses incurred in the event of an HMRC investigation or tribunal.
- Legal costs and advice for seeking possession of your property
- Nuisance emanating from the property such as noisy air conditioning unit
- Legal costs to recover rent. For a minimal additional cost rental income can be guaranteed
- Legal costs for health and safety prosecutions
- 24/7 legal advice helpline
Cover starts at £50 for legal expenses and £75 when including rent guarantee cover. To purchase either policy or for more detail click here
Why choose Alan Boswell Insurance Brokers?
Alan Boswell Insurance Brokers has an enviable presence in the residential sector and is recognised as one of the leading independent brokers in the market.
We’ve arranged competitive insurance cover for UK Landlords, Landlord Associations and Letting Agents for over 30 years.
We have been working with Letting Agents since 1998 offering the same personal service and great range of quality products and services we have built our reputation on. We recently beat stiff competition to win best Landlord and Letting Awards Supplier at their national awards.