I would not bet against it flosmichael.
HMRC are linking up to the fiscal registry of Spain and France where most Brits have second homes. I have personal experience of that. They are talking to each other.
If you pay the none resident property tax HMRC will know about it.
I would not bet against it flosmichael.
HMRC are linking up to the fiscal registry of Spain and France where most Brits have second homes. I have personal experience of that. They are talking to each other.
If you pay the none resident property tax HMRC will know about it.
There are 200 people in the so called strong HMRC team.
There are about 100K+ properties for rent on the rental portals like holidaylettings,etc. I am sure very few declare any rental income and they get paid by private parties without anybody else knowing it. What are the HMRC people going to do about it? Nothing.
There are about 100K+ properties for rent on the rental portals like holidaylettings,etc. I am sure very few declare any rental income and they get paid by private parties without anybody else knowing it. What are the HMRC people going to do about it? Nothing.
From what I have heard the 200 people at HMRC will target highest rate (50%) taxpayers in the UK so those earning over £150.000 a year,
When we were looking to buy some 2-3 years ago a few villas we looked at were being rented by there German owners over summer, when the agent was talking she said payments are made in cash, I said CASH and she said “ but of course”, as long as they are not sticking it in the bank what can they do!
There are about 100K+ properties for rent on the rental portals like holidaylettings,etc. I am sure very few declare any rental income and they get paid by private parties without anybody else knowing it. What are the HMRC people going to do about it? Nothing.
From what I have heard the 200 people at HMRC will target highest rate (50%) taxpayers in the UK so those earning over £150.000 a year,
There are sensible ways to avoid the glare of the tax man if you are a property owners receiving income from another country. It is not sensible to take the ‘flosmichael’ approach and have total contempt for the revenue and their abilities to track you down.
In my long business experience with the revenue I find that they are neither stupid or incompetent. I have had a few unpleasant interrogations over the years and being forced to account in retrospective forensic detail is not something I would recommend.
If you receive income from property abroad, not declaring at least part of that income will eventually be a simple route to a very unpleasant experience which will cost you dearly.
It’s rather similar to taking preventative medicine.
There are sensible ways to avoid the glare of the tax man if you are a property owners receiving income from another country. It is not sensible to take the ‘flosmichael’ approach and have total contempt for the revenue and their abilities to track you down.
In my long business experience with the revenue I find that they are neither stupid or incompetent. I have had a few unpleasant interrogations over the years and being forced to account in retrospective forensic detail is not something I would recommend.
If you receive income from property abroad, not declaring at least part of that income will eventually be a simple route to a very unpleasant experience which will cost you dearly.
It’s rather similar to taking preventative medicine.
I do not have contempt towards anybody but there is no way that they can know who gets rental income for their apartments as the income is not declared by the owners. Are they going to check the bank accounts of everybody who has apartments in say Spain?
As I know, Spain forces owners to pay something , irrespective of them having or not having rental income. I do not think that UK can also force anybody who owns in Spain to pay something. How could they force people with no rental income to pay? How would they know who receives rental income and who does not?
Well one option is do as the Spanish do. By the assumption that if you own a property you rent it and receive an income. Finding out that is a relatively simple matter. Trawling land registry records will reveal all.
Then impose a fixed penalty which is likely to be a lower amount than you actually would pay if you declared the full amount.
It would then be up to you to prove that you receive nothing, not for them to prove you do.
Going down that route of declaring something which you know to be dishonest could get you banged up.
It would also bring you under closer scrutiny than if you just paid up as most folks would.
Result, everyone’s happy, well almost.
Underestimate the revenue at your peril.
I would not bet against it flosmichael.
HMRC are linking up to the fiscal registry of Spain and France where most Brits have second homes. I have personal experience of that. They are talking to each other.
If you pay the none resident property tax HMRC will know about it.
Its already being done in France, I know someone who was affected.