HMRC’s ‘let property campaign’ is one of a number of high profile campaigns designed to help enable people who have fallen behind in their tax affairs to bring themselves up to date.
What does the Let Property Campaign mean for you?
This could mean declaring previously undisclosed income via a tax return or returns for the first time or amending past returns to include income that had previously been omitted.
Not only will Stilwell Gray guide you through the process of declaring your income via the ‘let property campaign’, we will provide excellent advice on how to minimise your tax burden and keep you compliant going forward.
It’s time to stop worrying and take action.
Who is the Let Property Campaign for?
HMRC advise that this ‘let property campaign’ is open to all residential property landlords. 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
In HMRC’s words:
“The Let Property Campaign offers the best possible terms available to get your tax affairs in order. You can take advantage of these by notifying your intention to participate and cooperating with HMRC to make a full disclosure and payment.
When you make your disclosure you can tell HMRC how much penalty you believe you should pay. What you pay will depend on why you’ve failed to disclose your income. If you’ve deliberately kept information from HMRC you’ll pay a higher penalty than if you have simply made a mistake.
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’ve not paid enough tax…
This is an opportunity to stop worrying about what might happen. Make sure you’re certain about what you owe and get things right for the future.”
If you are concerned that you cannot afford to pay what you owe to HMRC, if your circumstances warrant it, HMRC advise that you will be able to spread your payments.
Want to learn more? Get in touch
Stilwell Gray is a firm of accountants, established in 1995, offering a fixed fee service for small businesses and individual tax work. We work with clients across the country and are experts in property Accountancy and Taxation. To discuss how we can help you, call us on 01962 820375 or send us a message.