Nationwide sends word of warning to buy-to-let investors

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Nationwide sends word of warning to buy-to-let investors

Following reports that Her Majesty's Revenue & Customs (HMRC) has begun a crackdown on property owners who fail to declare income streams, Nationwide Specialist Lending has cautioned landlords to ensure that they declare their rental incomes correctly.

HMRC announced its intention to look closely at the finances of buy-to-let landlords last year, but reports in the national media now suggest that the process has begun, with 500 letters being sent to owners asking for clarification of rental incomes.

Andy McQueen, director of the Mortgage Works and UCB Home Loans, explained that "HMRC can use stealth tactics to find information on landlords who may not have declared rental incomes".

He added that there could be confusion among some inexperienced landlords about exactly what details they are required to declare, particularly over income that is not taxed, but he warned that they could be "hit with a backdated tax bill".

According to Alliance and Leicester, brokers predict that, if given the right advice, 33 per cent of investor landlords could make an operating profit this year, as could 43 per cent of professional landlords.
ADNFCR-323-ID-18480361-ADNFCR

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