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Kalyayev

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I attended a social gathering the other day, in which the topic went on to buying houses and BTL. One bloke (in the medical profession) said he's in the middle of buying a house specifically to renting it out and was wondering if he should inform the HMRC at all. In reply, a teacher said he had 2 houses and had never informed the tax man. Another attendee, who works for the BBC, also mentioned he has roughly 4 houses he lets and has only informed the authorities of 1. The subject of 100% mortgages also came up and the teacher hoped they would come along again, as then he would buy another. I was too tired to join in the conversation but hope my withering look was plain to see.

It astounds me that seemingly intelligent people, in decent well-paying jobs lack the creativity to think of other things to use their money on - plus seem to be uninformed of the financial system in place which won't give a proverbial about them once sentiment changes. Do these people not use Monte Carlo modelling to take into account multiple variables, in their financial decisions that may impact their lives for 20-30 years minimum? Or do they just follow the popular narrative that the media spouts out and lack true freedom of thought? I'll bring them acid for next time we meet, to expand their minds ;)

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'It was the media wot done it for blame I own multiple BTLs, in a housing affordability crisis'. 

No.

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1 hour ago, Venger said:

'It was the media wot done it for blame I own multiple BTLs, in a housing affordability crisis'. 

No.

It definitely plays a part.

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Didn't tell the taxman. Well they'll bloody well have to when they sell or die, and then the bills and fines will be due.

If I was in power an immediate HMRC investigation into all landlords would be top of my list.

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24 minutes ago, Kalyayev said:

It definitely plays a part.

Media just a reflection of interests in general society.   One day happy forever HPI piece, other day tale priced out renters. 

There isn't some round-table of baddies in media forcing your pals to buy and buy and buy BTL, as 'the victims'.

So a guy in medical profession, BBCer, teacher... are they all unwilling incapable morons, buying ever more houses to rent out to people who are generally priced out?  No.  All about me / greed, in all too many cases.  The 'no responsibility' position doesn't work for me.

Although agree on your other points, if not declaring rental income.  HMRC has done campaigns to get BTLers to come forward and settle what they owe in recent times.  Can hope it's less friendly if/when they catch up with those who don't declare rental income.

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Do you know their names and approximate addresses or contact details?

 

Shop then anonymously on the HMRC s webform. Do it.

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I've so far reported 3 ''accidental'' landlords I know of, who I suspect have all ''accidentally'' forgotten to declare their income to HMRC.

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3 hours ago, nome said:

I've so far reported 3 ''accidental'' landlords I know of, who I suspect have all ''accidentally'' forgotten to declare their income to HMRC.

Well done. It's not productive and it affects everybody.

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Agree that small-time or 'accidental' BTL landlords do not, generally, inform the HMRC. I knew one (I try not to keep in contact with these sorts of people nowdays! It's the only way I can stay somewhat calm about this property madness!) who was caught by the HMRC and made to pay up. Unfortunately, he liked to brag that they made him pay far less than he would've if he had declared every year!

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I'm shocked that these people (whom I assume you barely knew judging by your wording?) would discolse tax evasion so blatantly, I hope that you have reported them. Surely it's your duty as a HPC member?!

On the same subject though, a friend of a family member is not declaring her income from a friend that is renting her house but I'm not sure how to go about 1) Getting hold of the property address and 2) Whether it's worth reporting it, evidence, etc...

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On 05/10/2016 at 11:15 PM, electrogear said:

I'm shocked that these people (whom I assume you barely knew judging by your wording?) would discolse tax evasion so blatantly, I hope that you have reported them. Surely it's your duty as a HPC member?!

On the same subject though, a friend of a family member is not declaring her income from a friend that is renting her house but I'm not sure how to go about 1) Getting hold of the property address and 2) Whether it's worth reporting it, evidence, etc...

Evidence isn't your concern, HMRC will have better means to gather evidence. Just get the address and fill in the HMRC online form.

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Where do i invest and profit from their arrogance and stupidity? Is there like some sort of BTL index I could bet against?

FWIW - I think people grew to see the gains made in the 2000's and met other 118 ers who were doing well and using BTL to fund private school - skiing - new kitchens etc and the bug just continued.

Were you the sane person in the gathering like this?

 

 

Edited by Tapori

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Medicine, education, and public broadcasting. Three industries which have been damaged by spending cuts which could have been alleviated if people evading tax had been paying their dues. I bet that these landlords would have expected the state's resources (police, courts, etc) if their tenants had wrecked their properties, refused to leave, or stopped paying rent. Only fair that they should have also been paying their taxes to fund these services on which they rely.

These people should know better, having seen first hand the impacts of austerity. No sympathy whatsoever if they end up losing a lot because of their tax evasion.

It is really easy to inform HMRC anonymously, and it is very easy for them to check if somebody is registered and paying tax. At least it would make future dinner party discussions more interesting if people are talking about their forced sales and upcoming legal cases rather than braying about perpetual HPI.

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