The Let Property Campaign gives an amnesty to landlords who owe tax on undisclosed income through letting out residential property in the UK or abroad. This is an opportunity for residential landlords to put their tax affairs in order in a simple, straightforward way and to take advantage of the best possible terms.
HM Revenue and Customs (HMRC) believes that its customers want to pay the right amount of tax and wants to help those that aren’t paying the correct amount to put that right.
If you are a residential landlord with undisclosed income you must tell HMRC about any unpaid tax. You will then have 90 days to calculate and pay what you owe.
Who can benefit from the campaign?
The campaign gives an opportunity to all individual landlords with undisclosed taxes including:
- those that have multiple residential properties
- landlords with single residential rentals
- specialist landlords with student or workforce rentals
- holiday residential 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 residential property in the UK, as you may still be liable to UK taxes
This campaign isn’t open to those landlords who are letting out non-residential properties such as a shop, garage or lock up. It also can’t be used by those wishing to disclose income on behalf of a company or a trust.
What’s in it for you?
This is an opportunity to stop worrying about what might happen; have certainty about what you owe and get things right for the future.
Unlike previous campaigns, there is no disclosure ‘window’ requiring you to disclose what you owe by a specific date. This campaign will be ongoing for some time; however, landlords intending to come forward who delay risk higher penalties if they are subject to an enquiry and they haven’t already notified an intention to disclose.
The Let Property Campaign offers the best possible terms available to get your tax affairs in order.
You may not have to pay any penalty at all but if you do it is likely to be lower than it would be if HMRC finds out you haven’t paid enough tax.
How can we help?
FKGB will be able to assist you by:
• Notifying HMRC on your behalf that you wish to take part in the Let Property Campaign,
• Preparing the actual disclosure on all income, gains, taxes and duties which you have not told HMRC about
• Making a formal offer to HMRC
Please contact us for immediate assistance on any tax planning or filing issues.
