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Time to declare your rents; Location IN ASSOCIATION WITH Rensburg Sheppards.

BUY-TO-LET property investors in Liverpool are being urged to make themselves aware of a drive to collect back taxes on undeclared rents.

The campaign is one of a series of interventions designed to avoid long investigations.

Liverpool accountants PKF say those who receive an "intervention" letter should not ignore it, even if they have not made profits on their letting.

Jane Jackson, PKF's Liverpool office tax partner, said: "We have already seen HMRC use its powers to require banks to provide information regarding specific or unnamed/unknown taxpayers holding offshore bank accounts.

She said the Revenue was becoming more active in using government data to pinpoint individuals who may be letting properties but do not declare rental income.

Ignoring such a letter could be counter productive, she said.
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Publication:Daily Post (Liverpool, England)
Date:Feb 27, 2008
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