Landlords – stand by for tax advice from your letting agent…

Propertymark is advising agents to be as cooperative as possible with HMRC’s campaign to recoup tax.

It was recently revealed that HMRC’s Let Property campaign had clawed back £107m in unpaid taxes from buy to let landlords in 2024/25,l – the highest annual total on record. 

The campaign is a disclosure scheme for landlords with undeclared income, and shows a doubling of repayments compared with three years ago.

Propertymark says clear advice from agents to landlords should emphasise that complex rules such as mortgage interest relief changes create risks of misreporting and so-called ‘phantom profits’.

The trade body tells agents to do three things:

• remind landlord clients that all rental income must be declared including from short-term lets and shared ownership;
• encourage landlords to use HMRC’s online tool to assess whether they need to file a Self Assessment return; and
• direct clients who may have undeclared income to the Let Property campaign before HMRC identifies them, as voluntary disclosure typically reduces penalties.

This article is taken from Landlord Today