Introducing The Renters Reform Bill

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Introducing The Renters Reform Bill

This blog is written with credits to the Accountancy Daily article which can be read HERE

A landlord database has been outlined in the Renter Reform Bill which will give HMRC access to information so that investigations into tax can go ahead. This database can provide HMRC with the information that’s needed to question landlords on their unpaid taxes. Not only did it introduce new laws to parliament in recent weeks, about the safety of rental homes and useable facilities, but the discussion about unpaid tax has risen.

What The Renters Reform Bill Highlights

HMRC is set on ensuring landlords declare their rental profits and that they pay the tax they owe. The Renters Reform Bill encourages landlords that have made mistakes to correct them ‘by using the ‘Let Property Campaign, part of HMRC’s digital disclosure service’ (Sara White, 12/05/23). Some of the data to which HMRC already has access includes Land Registry records and the Register of Overseas Entities owning UK property. The new data analysis will allow more transparency, meaning investigations into landlord taxes, like late payments and tax-geared penalties.

This progression has many advantages and HMRC can follow cases with more ease and handle late tax payments at the right time. It’s also a great opportunity for landlords to deal with their taxes and be more organised and honest going forward. By getting payments in on time, landlords won’t have to pay the late payment interest, which increased at the end of May.

HUSA Accountants Tax Services

HUSA Accountants are up to date with financial laws and want to ensure you and your business won’t suffer from late payment consequences. If you are a landlord or you have taxes to pay, get in touch with our team of professionals today for advice on the Renters Reform.

You can read more about the Renters Reform Bill and more of the new rules on the GOV website here: https://www.gov.uk/guidance/guide-to-the-renters-reform-bill