HM Revenue & Customers (HMRC) have launched a new campaign targeting property landlords. The “Let Property Campaign” will encourage tax payers with undeclared income or gains to come forward voluntarily on the promise of preferential terms including having 3 months to calculate and pay the outstanding tax.
There are many reasons why and how, as an individual landlord you may have misinterpreted the rules surrounding rental properties, so if you think this applies to you we can help. We will work with you to calculate any tax outstanding, whilst ensuring all possible reliefs are utilised to minimise your liability. We will also manage all the communications with HMRC for you, taking away the worry and concern of digging yourself into a hole.
It is understood that HMRC have an increasing number of tools which they are using to identify those who haven’t declared property income. These include public information such as access to Land Registry details, but they can also access other sources such as having the ability to contact third parties such as mortgage lenders and letting agents.
Landlord income could include any of the following:
– renting out a single or multiple properties
– a specialist landlord, e.g. student or workforce accommodation
– renting out a room in your main home for more than permitted under the Rent a Room Scheme
– living abroad and renting out a property in the UK
– living in the UK and renting a property abroad
– renting out a holiday home (even if you use it yourself)
HMRC are expected to be writing to around 40,000 landlords it suspects may have undeclared rental income. All those receiving one of the letters have a 30 day window to respond to HMRC before they take further action.
If you have any properties from which you receive income and have not declared it, have recently become a residential landlord, or have received a letter from HMRC, please contact us on 01904 691141 or firstname.lastname@example.org .