Let Property Campaign:
If you are a Landlord and you have undisclosed income then Let Property Campaign is a perfect opportunity for you to update your tax affairs with HM Revenue & Customs.
If your taxes are under paid for many years you may qualify under this scheme to disclose and pay HMRC for only last 6 years.
The Let Property Campaign is an opportunity open to all residential property landlords with undisclosed taxes. 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.
This campaign is not 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. (www.hmrc.gov.uk)
Here is the process should you want to disclose your taxes under this scheme;
When you notify, HMRC will issue you a letter containing disclosure and payment reference numbers
Calculate your tax liability, interest and penalties
90 days are given from the notification date to disclose, calculate and pay your liabilities.
More information is available here
Make full disclosure to HMRC
You can file your disclosure online once you calculated your liability. You can do this as soon as you have your DRN but you must disclose within 90 days of the date you receive your notification acknowledgement.
It is a condition of using the Let Property Campaign that you make an offer for the full amount of everything you owe. Your offer, together with HMRC’s acceptance letter, will create a legally binding contract between you and HMRC. There are letters of offer included in the disclosure forms which you should complete (www.gove.uk).
Acknowledgement of Disclosure
HMRC will acknowledge the receipt of you disclosure immediately.
Acceptance/Rejection of Disclosure
HMRC will write to you within 90 days of disclosure receipt to confirm acceptance or rejection of your offer.
For more rental income and property tax information click here
If you don’t know or if you need to disclose unpaid taxes under this campaign, use the Let Property questionnaire to help you decide or contact us at 02072780007 for assistance.