50+ landlords warned over tax
June 14, 2007 by admin
Filed under News, News-Mortgages
The number of people aged over 50 who own a buy-to-let property is set to surge in the coming year.
That is according to over-50s expert Saga, which believes we will see a 24 per cent rise in the number of older buy-to-let owners.
As a result, it is urging people to take advice on tax and make sure they are properly declaring their rental income.
It also urges over-50s to ensure that they are taking full advantage of the tax relief that is available to them.
“It is no surprise that over-50s own the majority of second and rental properties in the UK, however, as more and more decide to follow this route, it is important that they understand the tax implications that rental income will have,” commented Andrew Goodsell, chief executive of Saga.
Landlords have until June 22nd to declare underpayments in their tax to HM Revenue and Customs and this will lead to a 90 per cent reduction in the penalty charged.
Buy-to-let owners are being warned that they should urgently seek advice or else face the prospect of having to pay a full charge.
