Calling all landlords!
Whether you rent out a single property, a number of properties, a holiday home for just a couple of weeks a year or just a room in your own home (more than the ‘rent a room scheme’ threshold), you need to tell HMRC about your earnings and pay the tax you owe.

You may have heard of the Let Property Campaign from HMRC. If you haven’t, where have you been?! It’s been running for a few years now. HMRC have information from letting agents, which tells them who is renting out a property, and if they can’t tie it back to a tax return then those people are sent a letter inviting them to provide the information. Simply put, they are targeting tax evasion by residential landlords.

There’s no good reason not to make a voluntary disclosure if you owe tax on your letting income. If HMRC open an enquiry rather than you coming forward, you’ll end up with a much larger fine, so it’s important not to ignore the campaign.

Once you tell HMRC you wish to take part, you’ll then have 90 days to calculate and pay what you owe. We are very happy to help with bringing your affairs up to date - just get in touch with us and we’ll take it from there.

Only individual landlords can apply. If you’re unsure whether to disclose unpaid taxes under this campaign, HMRC have a questionnaire you can fill in online, plus plenty of information at: https://letproperty.campaign.gov.uk/
 

Get in touch - If you'd like to find out more about how we can help you and your business pay less tax, generate more profits and create long-term wealth for you and your family, please get in touch now