The new Tenancy Deposit Protection scheme, which came into force recently, could inadvertently allow HMRC to launch a crackdown on landlords who aren’t declaring their rental receipts to the Taxman.
The scheme is sponsored by government departments who have confirmed they will be providing details of tenancy agreements to HMRC.
Landlords who fail to register for the scheme can be fined upto three times the value of the deposit.
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