Let Property Campaign- Rental Income Declaration
The Let Property Campaign is an opportunity for landlords who owe tax through letting out residential property, in the UK or abroad, to get up to date with their tax affairs in a simple, straightforward way and take advantage of the best possible terms.
If you’re a landlord and you’ve undisclosed income you must tell HMRC about any unpaid tax now.
HMRC is currently increasing its targeted compliance activity across all landlord types and will start to identify and write to landlords who they consider may not have declared all their rental income. This will involve HMRC carrying out compliance checks or enquiries to resolve matters. The customers involved will not then be able to make use of the opportunity offered as part of this campaign.
The scope of the Let Property Campaign
The Let Property Campaign is an opportunity open to all residential property landlords with undisclosed taxes. This includes:
- those that have multiple properties
- landlords with single rentals
- specialist landlords with student or workforce rentals
- holiday lettings
- renting out a room in your main home for more than the Rent a Room Scheme threshold
- those who live abroad or intend to live abroad for more than 6 months and rent out a property in the UK, as you may still be liable to UK taxes
This campaign is not open to those landlords who are letting out non-residential properties such as a shop, garage or lock up. It also cannot be used by those wishing to disclose income on behalf of a company or a trust.
Disclosures outside of the Let Property Campaign
You can still make a disclosure and put your tax affairs in order even if you’re not within the scope of the Let Property Campaign.
Your disclosure will not be part of this opportunity and the terms offered under the Let Property Campaign will not be available.
If you make a full and voluntary disclosure of all unpaid liabilities in these circumstances you can usually expect a lower penalty than HMRC would otherwise seek if they raised an enquiry or compliance check without the disclosure.
UK Properties Owned By Overseas
Recently Tax Authorities in countries across the world have started investigation into ownership of Properties owned in U.K. We have extensive successful experience in Tax Investigation of Property Ownership & Rentals and we can help landlords who are going to be investigated. Our Associates in different countries across Pakistan, India and the middle East with leading firm of Chartered Accountants who can assist in your country and we can help in UK respectively.
