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HM Revenue and Customs (HMRC) is focusing on landlords who have not declared their rental income, according to a wealth advisory firm.
Route Group warned buy-to-let investors to review their tax liability even if they have since sold properties.
Simon Pimblett, head of research at the firm, said that with current market conditions, some landlords were looking to get out of the market.
"While this might mean that they are facing fewer liabilities in the short term, if they have not declared the rental income on these properties, they could still be facing a significant legacy tax bill in addition to any capital gains tax charges," he stated.
HMRC is choosing to "focus strongly" on this issue and now possesses the technology to find those who have undeclared rental income.
In related news, the government department has this week launched a new consultation into proposals for the creation of a taxpayers' charter, as well as efforts to modernise the existing tax administration system.
