National Homebuyers: 'HMRC crackdown'
Buy-to-let property investors may seek a fast property sale after it was announced that a crackdown has been launched on declaring income.
[UKPRwire, Mon Mar 03 2008] Although most landlords already declare their earnings, some less experienced investors fail to do so.
It is now being reported that HM Revenue & Customs (HMRC) has launched a major crackdown and is set to hand out heavy punishments.
Many investors may be getting weary of the paperwork involved with investing in buy-to-let properties and may consider a fast property sale as a result.
Commenting on the crackdown, Andy McQueen, managing director of The Mortgage Works and UCB Home Loans, said: "Essentially HMRC can use stealth tactics to find information on landlords who may not have declared rental incomes, including targeting lettings agents and reviewing stamp duty records.
"Buy-to-let investors could find there are serious ramifications to not declaring rental incomes if they are hit with a backdated tax bill," he added.
Julian King, fast home sale expert at National Homebuyers says, "Owners looking to achieve a quick sale need to act quickly to avoid further financial problems.
"Those looking for a quick sale to pay debts or even fines are encouraged to seek a fast property sale to avoid further falls in the value of their property as the market continues to dip.
"Although we feel that we are quite some way from a crash, the current situation is certainly putting pressure on homeowners who need to achieve maximum value from their property".
Mr King is a diretor of National Homebuyers, the UK's leading quick property sale company. National Homebuyers allow the homeowner to sell their property quickly without having to pay estate agency or Hips pack costs.