I don’t put much stock into the tax news shared by pundits but sometimes they do realise important issues.
Martin Lewis has hit the news over recent days warning that websites are now sharing data with HMRC. He mentioned Air BnB. This isn’t new however. Air BnB, along with other bookings portals and regular hughstreet letting agents, have been sharing information with HMRC for a long time now.
I’ve said repeatedly for a few years now that HMRC have a staggering amount of information about people but they just don’t have the people to chase files down. The appointment of 5,000 new compliance officers will help of course so if you are one of the ever reducing possible tax payers who should be an actual taxpayer they are getting closer.
So what do HMRC know about landlords? Not even remotely a comprehensive list but they can and have:
– gotten lists of anyone with landlord insurance from insurance companies
– lists of anyone with a CP12 from GasSafe (the government registered body for gas checks)
– got a list of all land ownership in the land (remember all SDLT forms for purchases and sales go to HMRC since December 2003 but they also have land registry data)
– access to housing benefit and universal credit information
– credit card use information if they want it
I reckon with these sources alone I could track down 95% of all undeclared rent. I’ve often joked about it with a pal that we could work for HMRC and take 10% commission on any taxes raised and we’d be rich, RICH I TELL YOU!