Does the taxman know how many properties you have?

[bonkysod]

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[P.Pilcher]

Within the last 18 months, the inland revenue has required the NI numbers of all property purchasers to be stated on their SDLT form. This is the form which is completed by the purchaser's solicitor for the inland revenue so that stamp duty can be levied if necessary and until the appropriate certificate is received to state that such duty has been paid or the purchase is below the threshold, the land registry will not register the purchase. The wheels of the inland revenue are slow, but not stationary and they will inevitably catch up in the end - expensively, thus failing to declare the income from new BLT's is not really an option.

P.P.

[Tax Accountant]

Seasonal Greetings to all......

A good friend of mine has several properties and rapidly trying to expand her portfolio. Whilst I support her all the way, she say's that she will carry on only declaring her existing properties when doing her tax return.... My question is... surely the taxman will have knowledge of her properties via the returned forms such as land registry, stamp duty (if applicable) and other conveyancing related administration...?? Does the Taxman have knowledge or awareness of her purchases via National ins numbers etc??:confused:
I suspect that they are rapidly catching up via the various databases such as you mention and some other means as well.

It is never a good idea to hide property ownerships and lettings income from the taxman. Sooner or later they will catch up with you, it is only a question of time.

If someone doesn't declare rents from some of the properties, they will find that they will getter deeper into their plot and find difficult to extricate themselves from the mess as time goes on. It is not worth hiding some properties from the taxman.