Mark McLaughlin warns that taxpayers are responsible for notifying rental income to HMRC in a timely manner to avoid the risk of penalties for failure to notify chargeability to tax.
Individuals can begin receiving rental income for a variety of reasons. For example, they might decide to become a ‘buy-to-let’ property investor; or they may become an ‘involuntary landlord’ where a deceased relative leaves an investment property in their will.
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