Income from Property

Assignment under the Market Research Framework MR130001 Current HMRC processes allow rent to be paid to UK resident landlords by tenants and letting agents without tax deduction at source. Subsequently the rental income may not be reported to HMRC, or where disclosure is made to HMRC what is actually reported is sometimes incorrect. HMRC is undertaking a proof of concept exercise to establish new and voluntary ways of collecting tax in this area, to increase tax yield and compliance. The department is looking to offer an alternative voluntary process to UK resident landlords whereby a letting agent will administer and collect tax on their behalf and pass this over to HMRC directly. Thi…

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