You are here: Home - Your Community - Top Comments -

‘It’s wrong to blame us for landlords’ mistakes and HMRC’s inability’ – Star Letter 15/09/2017

by:
  • 15/09/2017
  • 0
‘It’s wrong to blame us for landlords’ mistakes and HMRC’s inability’ – Star Letter 15/09/2017
Each week Mortgage Solutions and its sister title Specialist Lending Solutions select the most thoughtful or thought-provoking comment to be the week's Star Letter.

This week our Star Letter accolade is awarded to Tony Silver for his response to the post: FSE: Portfolio rules hand brokers risk for not reporting landlord tax avoidance.

He said: “We are mortgage advisers, not tax experts or even worse tax collectors. It’s wrong to potentially blame us for the mistakes of landlords and inability of HMRC to run their own affairs.

“The answer is to make all landlords join a National Landlords Register, declaring all rental income which is then run and monitored by HMRC, rather than forcing us to do their dirty work.

“If you think about it, landlords should already be on the HMRC radar, due to the increase of Stamp Duty on buy-to-lets. Exactly why they should expect us to do their work, just smacks of laziness on their part.

“So now you have two ideas:

  1. a compulsory National Landlord Register;
  2. cross check against Stamp Duty paid on purchase of BTL and transfer into special purpose vehicles (SPV) or limited company.

“It seems fairly simple to me and far more effective than having a go at us.”

There are 2 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
  • RT @ashridgepf: Well what a surprise! We love our clients and they obviously are quite fond of us. Mortgage applicants find humans more r…
  • RT @DanielleDennis9: Always love reading through the tweets of the year every December! Have a look through to recap on a great year https:…
  • RT @mortgagestall: Great to see the hard work brokers put in is getting ever-more recognised https://t.co/cg4ZaJzZJZ
Read previous post:
Craig Calder Barclays
Barclays goes live with portfolio lending changes next week and cuts product rates

Barclays has confirmed it will continue to serve the portfolio landlord market and revealed the changes it has made to...

Close