HMRC One to Many Letters sent to landlords concerning rental costs
5 Jan 2024
Since December 2023 HMRC have been sending One to Many letters to taxpayers who completed property income pages of their 2021/22 tax return and claimed repair and maintenance costs. HMRC are concerned that recipients of this letter may have included capital costs within that figure, based on other taxpayers will a similar income. The letter includes some examples for landlords on the difference between revenue and capital costs, and where to look for further advice; recipients are reminded that they have until 31 January 2024 to make any necessary amendments.