Landlords who rent out residential property in Keighley are being warned to act now as an HMRC campaign to recover tax it believes is being underpaid each year in the sector reaches a £20 million milestone.
Dave Forrester, who runs TaxAssist Accountants in Keighley, said: “HMRC’s Let Property Campaign has now collected over £20 million from almost 10,000 landlords across the UK, so it is safe to say they will continue to focus on the residential rental sector.
“Some local landlords may not even realise that they are landlords, or that tax may be due, but that won’t stop them facing hefty fines or even criminal prosecution.
“Coming forward under the Let Property Campaign will give them the best possible terms to settle any tax and interest owed. It is vital local landlords grasp this lifeline to get their own house in order.”
The campaign applies to all residential property landlords, including those with just a single rental, student or holiday letting. HMRC estimates that landlords in residential property could be underpaying up to £500 million in UK tax every year.
TaxAssist Accountants Keighley is a local business, operating across Silsden, Crosshills, Keighley and Bingley, providing tax and accountancy advice and services purely to small businesses.