The Let Property Campaign is aimed at individuals and landlords letting out residential property in the UK or abroad who have not declared their lettings income through the self-assessment tax system.
The Let Property Campaign gives you the chance to bring your tax affairs up to date if you are an individual letting out residential property in the UK or abroad, this includes:
- renting out a room in your main home for more than £7,500 a year (or £3,750 a year if letting the property jointly). i.e. above the Rent a Room Scheme threshold
- renting out a holiday home (including caravans and chalets) even if you use it yourself
- a specialist landlord, e.g. student or workforce rentals such as 'Doctors in the house'
- renting out a single property
- renting out multiple properties
- living abroad and renting out a property in the UK
- living in the UK and renting out a property abroad
If you have overlooked telling HMRC about the rental income, HMRC agree to give you the best possible deal if you notify them as soon as possible that you want to take part in this campaign and make a voluntary disclosure. HMRC will allow you three months to calculate and pay any tax you owe.
HMRC is targeting tax evasion by residential landlords. HMRC can request details from letting agencies and language schools (and any other applicable intuitions) of all rental payments made to their clients. They will use information they have on customers to identify people who might not have paid that they owe. If you don't make a voluntary disclosure now and HMRC finds out later, you could get higher penalties and face criminal prosecution.
If you aren't sure whether you need to disclose unpaid taxes under this campaign, we are more than happy to discuss this with you. For more information about making a voluntary disclosure and how to tell HMRC about your rental income please contact Andrew Webster on 01223 507080 or via email andrew@tax.uk.com
