Monday, November 19, 2012

Oooh noooo

Taxman to announce a hit squad targeting buy-to-let landlords in the South East

The taxman will tomorrow announce a hit squad to catch people letting properties in the South East who are not disclosing the income on their tax returns. Other task forces will also be launched to probe tax evasion in the rag trade in Wales, the Midlands and the North West and those dodging alcohol duty in Scotland.

Posted by mark @ 01:13 PM (8419 views)
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11 thoughts on “Oooh noooo

  • The answer is another government u-turn:

    – Compulsory registration of landlords (you know the scheme canned by Shappy in just first act as housing minister)
    – Automated cross-checking of the register against tax returns (sometthing the Revenue are actually rather good at)
    – Fine the miscreants
    – Job done.

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  • sibley's b'stard child says:

    ‘Hit squad’ and ‘BTL’ in the same sentence?

    Where do I sign-up.

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  • I know of a couple of people who let out there 2nd place and dont declare it…. but they keep a contingency fund in place in case they are ever brought to book by the taxman.
    But if the Inland revenue has no teeth to enforce payment of taxes due on a property income from rent, and meters out a slap on the wrist to those they catch wheres the incentive to be honest (honesty is the crutz)

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  • Welcome news! – UK Government obviously think they are losing too much money in tax……look out all dodgy landlords.

    I guess this is the reason why BTL has been so lucrative and so popular….most BTL’ers simply aren’t paying much in tax.

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  • ontheotherhand says:

    “The taxman will tomorrow announce a hit squad…” I would have thought that a press release which is printed in the Mail counts as an announcement today?

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  • Idiots. It would be much much MUCH easier to just stop giving unfair tax relief to BTL mortgage. So that landlords can’t claim tax back against their mortgage interest. Because that way:

    1. You do NOT need a stupid hit squad to find tax dodgers in the 1st place!!!
    2. Tax is 100% collected up front. It is upto landlords to do the hardwork.
    3. Stop BTL unfair adventage against FTB
    4. Stop speculation.

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  • As Boris Johnson said, it is idiotic to undertake any tax raid on the general public whilst Amazon, et al. do not pay taxes.

    However, that said, the relative success and growth of those companies paying low taxes should be seen as a beacon of knowledge, that all good companies could be growing rapidly if only we all had low taxes.

    To put austerity into context, US Quantitative Easing has printed enough to pay the national debt, in full, at least two times over. THERE IS NO DEBT CRISIS, it is a scam, being used by radical Marxist / Leninist, to bring in a Utopia of Socialist garbage and social control. Meanwhile, as we see, globalist corporations sit off shore in tax havens, licking their chops at the spoils that they will purchase at pennies on the pound.

    For once I agree with Cameron, Britain is under economic war. What he did not say is, that the British Government is at economic war against the grass roots economy and the British People when they print money and hand it to the very banks that put us in this mess in the first place rather than let them undertake the re-structuring which is necessary to liquidate bad debt, and shift resources from unproductive to productive uses such as, re-direct banking investment from mortgage backed derivatives towards factories and infrastructure. Problem is, that government caused this problem in the first place by:
    a) adding so many taxes and regulations that banks no longer wish to invest in factories and infrastructure.
    b) deregulating mortgage backed derivatives to the point where the fraudulent treating of them as assets creates a perverse incentive to invest in an unsustainable housing bubble, forming a ponzi-scheme much like Tulip Mania. Did you know that Tulip Mania was caused by the Dutch allowing traders to trade in futures contracts (derivative) of tulips as if those futures contracts were assets, rather than the liabilities with counterparty risk that they really are?

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  • “a scam, being used by radical Marxist / Leninist, to bring in a Utopia of Socialist garbage and social control.”

    Libertas, your enthusiasm for spray painting this blog with your brand of digital graffiti is appalling. Does it ever bother you that the non-truthers who read this site have to put up with your endless conspiracy theory spew? If I was engaged in a government conspiracy, I’d be delighted with people like you because you create so much background noise that real evil doing has plenty of places to hide.

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  • reading some of the comments I would imagine most of you would fail to obtain a shot gun license lol lol

    🙂

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  • Interestingly, Libertas, using the name Phil Ridley, has taken to sending people emails telling them that I am a Marxist fifth columnist and the son of satan, and probably one of the Number 10 paedophile ring, for some reason he copies me in on some of them. Most disturbing.

    As to taxing BTL, forget it, why not just tax the rental value of land instead of taxing output, earned income and profits, and the problem largely sorts itself out.

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  • [email protected] & [email protected]

    Agreed. Change the collection or nature of the tax so as to make evasion impossible, and no hit squads would be needed!

    Of course, if you are going to have BTL tax hit squads, the best place to start would be in the House of Commons.

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