By Tony Booth
Tax inspectors can now access your private data through the backdoor.
One of the little-known repercussions of the tenancy deposit protection regulations, which came into force on 6 April 2007, is that your tax inspector now has a new and powerful route to acquire personal information about you and your letting income.
Landlords that have not yet reconciled their buy-to-let or other rental income with HM Revenue and Customs (HMRC) should do so now, because there is a very short period of 'amnesty' before the tax office begin a targeted campaign to clamp down on landlords failing to declare their property earnings.
The general amnesty, which includes arrangements for offshore accounts, was granted by HMRC earlier this year and ends on 22 June 2007 with forfeits of 30 per cent becoming immediately due by 26 November 2007 on any unpaid, intentionally avoided or concealed tax liability and penalty sums.