Landlords - don't fudge the figures!

If your rental income is above £15,000 per tax year, the taxman wants a breakdown of your expenses. Basic checks are then performed check if the figures look reasonable (especially given the new requirement for landlords to declare the number of rental properties they own). It's important that expenses are categorised correctly between each expense heading to prevent a 'red flag'.

But hang on in there ... the taxman now has only one year after the date you file your tax return to launch an investigation into it (assuming fraud or negligence isn't suspected). So, mark the date in your calendar- once it's passed, you can relax!