Realtor Vishnu Gabbula’s Post

🏠 Attention Landlords: Are You Getting Your Tax Returns Right? 📝 According to recent findings, nine out of 10 landlords are making errors in their income tax returns. 🤯 Dodgy claims for repairs and maintenance on rental properties are under scrutiny by the Australian Tax Office (ATO). Assistant commissioner Rob Thomson highlighted that many landlords are mistakenly overestimating deductions, particularly in repairs and maintenance. 🚧 This year, the ATO is closely monitoring claims that may be inflated to offset increases in rental income for a greater tax benefit. With median weekly rents hitting a national high of $627 in April and rent growth on the rise, it's more important than ever for landlords to ensure accurate tax reporting. 📈 Don't risk falling into the wrong side of the tax laws! If you need guidance or assistance in navigating your tax obligations as a landlord, we're here to help at Girl Friday Sydney. 💼 Reach out to us today for expert advice and support. #Landlords #TaxReturns #ATO #PropertyManagement #GirlFridaySydney

Attention Tenants! A recent court case in Canada shows you might owe more tax than you think if your landlord lives abroad. It's a tough rule that many don't know about. Let's spread the word #KnowYourTaxes #RentalRights #TaxTips

Are you sitting on a tax time bomb? Many landlords across the UK are unaware that they've failed to disclose rental income to HMRC, putting themselves at risk of significant penalties. Introduced in Autumn 2013, the Let Property Campaign offers a lifeline, allowing property landlords to declare undisclosed income - sometimes going back as far as 20 years! It's not just for those who've innocently overlooked their obligations; it's also for those who have been prevented from disclosing due to life's twists and turns, like health issues. But with penalties and interest on the horizon for any tax due, the clock is ticking. Time is of the essence, but the maze of tax returns and HMRC negotiations can feel daunting, even overwhelming. In this video, Thomas will guide you through the Let Property Campaign's process, giving you the much-needed insight to bring you back in HMRC's good books. With a focus on making your tax disclosure as pain-free as possible, you'll learn how you can avoid the hassle of multiple tax returns, leaning on this campaign to streamline your obligations into a single step. Discover how easy it is to get a quote and schedule a meeting with a specialist via our user-friendly online form, ensuring you're armed with all the info you need to navigate this taxing journey. Embrace the opportunity to clear your tax slate and start afresh, with expert advice just a click away. #LetPropertyCampaign #HMRC #Landlords #RentalIncome #MarslandsAccountants

Exploring Council Tax on Empty Properties: Whether you're a landlord or own a second home, understanding council tax rules on vacant properties is crucial. Discover exemptions, recent changes, and practical tips in this comprehensive guide. Stay informed to manage your property taxes effectively. #CouncilTax #PropertyOwnership #LandlordTips #SecondHome #PropertyManagement

📢 **Montreal Renter Controversy!** 📢 🏠 Last month, a Montreal renter was court-ordered to pay SIX years of back tax for his non-resident landlord's unpaid withholding tax. But now, the federal government says it will NOT be pursuing tenants for this. 🚫💸 📜 **Minister's Statement** 📜 🗣️ In a statement on X, the Minister of National Revenue, Marie Claude Bibeau, said: "The CRA does not intend to collect any portion of non-resident landlords' unpaid taxes from individual tenants." It is incorrect to state otherwise. 🗣️ **David's Case** 😞 Despite this, David, a Montreal tenant, was ordered to pay SIX YEARS of his non-resident landlord's withholding tax. Way back in 2018, he was audited and ordered to pay the taxes. Just last year, he lost in court when he tried to appeal it. 😞⚖️ 📅 **Minister's Response** 📅 📅 In response to the public outcry, the Minister stated: "This law has existed for nearly a century, and there is not a single instance of an assessment made to an individual tenant in the last decade." She added that the CRA “does not expect individual tenants to withhold 25 per cent of the rent from their landlords.” 🏠💬 **Expert Opinion** 🧑⚖️ Experts point out that while this statement is reassuring, an actual change to the Income Tax Act is needed to ensure it couldn't be used again to go after tenants like David. 🧑⚖️📜 📢 **What Do You Think?** 📢 🤔 Is the Minister's word good enough, given that just last year, the CRA went after a tenant, effectively ordering him to pay $43,000 of his landlord's back tax? 🤔💭 Or do you think we need to get the tax act changed right away and should be skeptical of anything the CRA says? 🤨📝 💬 I'd love to know your thoughts in the comments below! 💬👇 ❤️ And as always, if you found value in this video, please give it a like ❤️, share 🔄, and follow @callcorbinteam for more great content! 🙏 #Montreal #RealEstate #Canada #Tax #RenterRights #LegalUpdate #Tenant #HousingCrisis

🚨 Attention Landlords: Important Tax Reminder! 🚨 As the self-assessment deadline approaches, HMRC is urging landlords with unpaid tax on property income to disclose their buy-to-let earnings. The Let Property Campaign is designed for those who owe tax from renting residential properties, whether in the UK or abroad. 🔍 Key Points: If you have undisclosed rental income, notify HMRC now to avoid higher penalties or criminal prosecution. You have 90 days to calculate and pay any owed tax after disclosure. The campaign applies to individual landlords, including those renting multiple properties, rooms exceeding the Rent a Room Scheme threshold, and holiday lettings. Remember, rental income from inherited properties is also taxable. 💡 Common Mistakes: Failing to report rental income when moving in with a partner or renting out a marital home post-divorce. Not declaring income from properties rented to friends or family, even if no formal rent is charged. 📅 Act Now! Whether your errors were unintentional or deliberate, it’s crucial to notify HMRC to avoid future complications. For more information, visit the HMRC website or consult a tax professional. #HMRC #TaxCompliance #Landlords #LetPropertyCampaign #SelfAssessment #PropertyIncome #TaxAdvice #UKTax

🏡 Facing increased council tax bills on your second home in Kent? Presence & Co. has a solution! Discover how short-term letting can help you navigate the changing regulations and generate additional income. Let's discuss your options today. #PropertyManagement #CouncilTax #KentRegulations https://lnkd.in/dMGK_CrW

Calling Manchester Landlords – It’s Nearly Time to File Your Tax Return If you’re a landlord, the deadline for filing your 2023-2024 income tax return is fast approaching. Here are some important things you need to know. https://lnkd.in/eyJMQxHi

Tax season is just around the corner, and the ATO has already flagged that Australians with rental properties will be on their radar. Find out what the common errors are, and how you can try to avoid them: https://lnkd.in/g9xpFNgw #tax #taxtime #taxreturns 𝘓𝘪𝘤𝘦𝘯𝘴𝘦𝘥 𝘣𝘺 𝘊𝘰𝘱𝘺𝘳𝘪𝘨𝘩𝘵 𝘈𝘨𝘦𝘯𝘤𝘺. 𝘠𝘰𝘶 𝘮𝘶𝘴𝘵 𝘯𝘰𝘵 𝘤𝘰𝘱𝘺 𝘵𝘩𝘪𝘴 𝘸𝘰𝘳𝘬 𝘸𝘪𝘵𝘩𝘰𝘶𝘵 𝘱𝘦𝘳𝘮𝘪𝘴𝘴𝘪𝘰𝘯.

🏡 A game-changing decision affects how Maine municipalities handle property sale proceeds from unpaid taxes. Previously kept by municipalities, this shift has major implications. Read about the change at https://loom.ly/WimZP4I and contact us if you think this applies to you or if you have questions. #RealEstate #PropertyTax #MaineRealEstate #Maine