RufflesTheGuineaPig Posted November 15, 2012 Share Posted November 15, 2012 Splitting hairs, you get £4250, my point was regarding a live in landlord with lodgers, they don't need to use the Deposit Protection Scheme. I'd want to look that up, but I'm pretty sure they do. Quote Link to comment Share on other sites More sharing options...
okaycuckoo Posted November 15, 2012 Share Posted November 15, 2012 I'd want to look that up, but I'm pretty sure they do. A lodger isn't a tenant - different legal beast. So I reckon the deposit scheme doesn't apply. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted November 15, 2012 Share Posted November 15, 2012 This horse has well and truly bolted. I suspect a good number are no longer making any kind of profit worth taxing. nonsense, imputed rent is rising at an alarming rate, our GDP depends on it. Quote Link to comment Share on other sites More sharing options...
SHERWICK Posted November 15, 2012 Share Posted November 15, 2012 You know what would fix this? A good, robust landlord registration scheme. Something like the one Labour planned for 2010 but which Grant Shapps cancelled in his very first ministerial act. Something about cutting red tape, apparently. So let's see, Labour, who were in power from 1997 to 2010, planned this Landlord Registration Scheme for 2010? Quote Link to comment Share on other sites More sharing options...
davidg Posted November 15, 2012 Share Posted November 15, 2012 HMRC is always going around shaking trees like this but nothing much ever comes of it. They had some super new software that was going to crack down on eBay sellers last year. This kind of press release is just to smoke out the low hanging fruit of tax evaders. There is already a registration mechanism in place for non dom landlords they just need to extend that. Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted November 15, 2012 Share Posted November 15, 2012 HMRC is always going around shaking trees like this but nothing much ever comes of it. They had some super new software that was going to crack down on eBay sellers last year. This kind of press release is just to smoke out the low hanging fruit of tax evaders. There is already a registration mechanism in place for non dom landlords they just need to extend that. They are in no hurry as they can go back years and charge interest and penalties so they wait until the amount is worth collecting. Quote Link to comment Share on other sites More sharing options...
Gone baby gone Posted November 15, 2012 Share Posted November 15, 2012 They are in no hurry as they can go back years and charge interest and penalties so they wait until the amount is worth collecting. They can only do that if they find something fishy in the last 4 years of accounts (this was recently reduced to help MPs efficiency). If the taxpayer has been guilty of "careless" behaviour (I presume things like failing to file a tax return) they can go back 6 years, and if they already have evidence of deliberate action (possibly obtained from an investigation into another person or company) they can go back 20 years. So a Landlord who covered their tracks but filed all the necessary paperwork on time would be fine up until 2007 right now. If they didn't declare properties, etc. - something that is dead easy to spot if you look for it - they could go back to 1991. Quote Link to comment Share on other sites More sharing options...
davidg Posted November 15, 2012 Share Posted November 15, 2012 They are in no hurry as they can go back years and charge interest and penalties so they wait until the amount is worth collecting. They better not wait too long with all these tax evaders and avoiders, the country will be bankrupt soon! Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted November 15, 2012 Share Posted November 15, 2012 They can only do that if they find something fishy in the last 4 years of accounts (this was recently reduced to help MPs efficiency). If the taxpayer has been guilty of "careless" behaviour (I presume things like failing to file a tax return) they can go back 6 years, and if they already have evidence of deliberate action (possibly obtained from an investigation into another person or company) they can go back 20 years. So a Landlord who covered their tracks but filed all the necessary paperwork on time would be fine up until 2007 right now. If they didn't declare properties, etc. - something that is dead easy to spot if you look for it - they could go back to 1991. That is surely what accounts for most of the lost tax revenue. Quote Link to comment Share on other sites More sharing options...
Ungeared Posted November 15, 2012 Share Posted November 15, 2012 I'd want to look that up, but I'm pretty sure they do. ? Quote Link to comment Share on other sites More sharing options...
BalancedBear Posted November 15, 2012 Share Posted November 15, 2012 Many BTL landlords just bought properties for capital gains. I would suspect that there are just as many BTL landlords subsidising their tenants with mortgages costing more than the rent than there are BTL landlords making any kind of profits. I must be remembered that most f the rent will go on paying interest, s there will not be much profit in most cases. I would suspect that a clampdown would yield only a small amount, and if all landlords making losses declared their losses, they could offset any future rent profits against losses they had accrued. The story is just hot air, a bit like the clamping down on ebay sellers. Quote Link to comment Share on other sites More sharing options...
Ungeared Posted November 15, 2012 Share Posted November 15, 2012 Many BTL landlords just bought properties for capital gains. I would suspect that there are just as many BTL landlords subsidising their tenants with mortgages costing more than the rent than there are BTL landlords making any kind of profits. I must be remembered that most f the rent will go on paying interest, s there will not be much profit in most cases. I would suspect that a clampdown would yield only a small amount, and if all landlords making losses declared their losses, they could offset any future rent profits against losses they had accrued. The story is just hot air, a bit like the clamping down on ebay sellers. Very true, I would imagine though, that many flippers bought and sold at a profit in the boom years and never paid any CGT. Quote Link to comment Share on other sites More sharing options...
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