The Office of Tax Simplification has had almost 1,000 responses so far to its call for evidence, they are also attending the West of England Landlord Expo in Bristol to get views at first hand.
|The OTS makes a point of seeking feedback from as many perspectives as possible, and particularly from individual taxpayers, to unearth any issues of complexity that they experience, as these enrich our reports. We will also be encouraging everyone to complete our online survey for this review, which has already attracted almost a thousand responses.”
Dodwell says that HMRC data shows that over two million individuals receive property rental income and many more now own property companies.
The Office of Tax Simplification review of property income will ask: How easy is it to understand the rules and report the right amount of income and qualifying expenses to HMRC.
Could there be simpler rules? Could intermediaries, such as letting agents or rental platforms play a role in helping landlords report?
The OTS wants to hear directly from individual landlords and small businesses as well as professional advisers and representative bodies about which aspects of property income taxation are particularly complex and hard to get right, and to hear any suggestions for improvements.
The focus of the review will be “to identify opportunities for simplification of the tax and administrative treatment of individuals, partnerships or micro companies deriving income from residential property.”
The consultation and call for evidence continue until June 5. We urge you to complete the survey as it only takes 5 minutres – it can be seen here.