Saga, the over 50s experts, are urgently advising landlords to take tax advice to ensure that they are properly declaring their rental income, but also taking full advantage of the tax relief available.
The buy- to-let boom is set for continued growth with Saga's analysis predicting a 24% increase in the number of over 50s renting out second properties over the next year.
Andrew Goodsell, Chief Executive of Saga Group Ltd, said "It is no surprise that over 50s own the majority of second and rental properties in the UK, however, as more and more decide to follow this route, it is important that they understand the tax implications that rental income will have. Saga's legal expenses cover provides tax advice and will also cover the legal costs in the event of a full enquiry into your personal tax affairs".
HM Revenues and Customs has given landlords until 22nd June to declare any underpayments in their tax and benefit from a 90% reduction in the penalty charged. It's therefore critical that second property owners urgently take professional tax advice so they can be reassured that they are paying the correct amount.
Saga's Legal Expenses Cover offers legal advice and can be added to any Saga Home Insurance Policy.
Notes to Editors-
Projected figure based on annual increase in Saga Home Insurance policies covering rented out properties in the UK in the last 2 years.
For further press information please contact the Saga Press Office on: 01303 771529.