Property Let Campaign: Have You Been Caught Out? | MSF Associates

The HMRC has been investigating landlords and property investors who have been illegally claiming expenses. This has come to light after a recent Freedom of Information request. If you have been caught out, don't worry, there are steps you can take to rectify the situation.

What is the HMRC investigation?

The HMRC is investigating landlords and property investors who have been illegally claiming expenses. This has come to light after a recent Freedom of Information request. The investigation is looking into whether or not landlords and property investors have been avoiding paying tax by offsetting their income against expenses such as mortgage interest, repairs, and maintenance.

Who is affected by the investigation?

The investigation is targeting landlords and property investors who have been illegally claiming expenses. If you are a landlord or property investor, it is important to make sure that you are not doing anything that could potentially get you in trouble with the HMRC.

What should you do if you are affected by the investigation?

If you are affected by the investigation, the first thing you should do is talk to your accountant or tax advisor. They will be able to help you determine if you have done anything wrong and if so, what steps you need to take to rectify the situation. In some cases, it may be as simple as paying back the taxes you owe plus interest and penalties. In other cases, you may need to file amended tax returns for previous years.

In conclusion

The HMRC investigation into landlords and property investors who have been illegally claiming expenses is a serious matter. If you are affected by the investigation, it is important to seek professional help so that you can take the necessary steps to rectify the situation.

If maintaining accurate financial records feels like more than you can handle on your own, don't hesitate hire professionals who specialize in this area. Doing so will free up your time so that can focus on what matters most: running your business!

As one of the leading accountancy firms in Leeds, we can guide you towards financial success, while you focus on delighting your customers with your exceptional food! Get in touch with us today on 0113 240 4100 or book a call with our team.