Landlords beware!

The Taxman has stated that he considers thousands of landlords have been claiming too much tax relief on their buy to let mortgage payments and he is now gearing up for a crack down on them.

It has been suggested that some landlords claim the whole of their montly mortgage payment against tax, whereas they should only actually be claiming the interest element of the payment. If you have an interest only mortgage you have nothing to worry about but if you have been claiming too much you should recalculate your figures and ask your accountant to submit amended tax returns as appropriate.