Around 7% of landlords in the UK are ‘accidental’ and never intended to let out a property. Reasons for being an accidental landlord include inheriting a property that hasn’t been sold on and being forced to let out a home that cannot be sold.
As an accidental landlord, understanding the laws around income tax and what needs to be declared can be difficult and, for many, it can also be somewhat of an unknown. HMRC estimates there’s approximately 700,000 landlords in the UK that have been receiving rent for a property, but haven’t been declaring it. For each year that passes, the tax bill is mounting.
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