Kirkpatrick & Hopes - Succession Planning Accountants

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The Let Property Campaign

HMRC are offering landlords who have failed to give the Revenue details of all their rental income an opportunity to come forward voluntarily.

The campaign will run for at least 18 months and is aimed at all residential property landlords who may owe tax.

The campaign includes deliberate evaders and those individuals who have just misunderstood the rules or have just not had time to tell HMRC about their rental income.

All landlords with undeclared income are invited to tell HMRC about any unpaid tax on rents, and pay what they owe, including any penalties and interest due. HMRC are offering lower penalties than they would charge if they discovered the income details themselves.

To ensure as many people as possible comply,  the opportunity to voluntarily supply details of income will remain open throughout the period of the campaign.

HMRC estimate that landlords underpay tax by up to £500m a year.

After the campaign, HMRC will use information they hold about property rental in the UK and abroad, along with information already held on their digital intelligence system, Connect, to identify those who have not paid what they owe.

Those that fail to come forward will face higher penalties or even criminal prosecution.

More details are available from HMRC here 

The campaign is due to start in early December.

In the meantime, to ind out more, you can call the Let Property Campaign Hotline between 9 a.m. and 5 p.m., Monday to Friday, on 03000 514479.

 

 

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