Latest blogs from [Company name].
Undeclared Rental Income
The Let Property Campaign gives you an opportunity to bring your tax affairs up to date if you’re an individual landlord letting out residential property in the UK or abroad and to get the best possible terms to pay the tax you owe.
If you owe tax on your letting income you’ll need to tell HM Revenue and Customs (HMRC) about the income you haven’t declared by making a voluntary disclosure.
To get the best possible terms, you must tell HMRC that you wish to take part. You’ll then have 90 days to calculate and pay what you owe.
Who can do this
You can report previously undisclosed taxes on rental income to HMRC under the Let Property Campaign if you’re an individual landlord renting out residential property.
This includes you if you’re:
- renting out a single property
- renting out multiple properties
- a specialist landlord, eg student or workforce rentals
- renting out a room in your main home for more than the Rent a Room Scheme threshold
- living abroad and renting out a property in the UK
- living in the UK and renting a property abroad
- renting out a holiday home even if you use it yourself
It is important to note that HMRC has access to information that can easily identify your undeclared rental income. The following two sources are most commonly used by HMRC in finding out such information:
- Letting agents – they are required to report to HMRC the list of landlords who have used their services.
- Stamp Duty Register – HMRC collect information from stamp duty record too
How can we help you with the Let Property Campaign?
If you are a landlord and have received an enquiry letter from HMRC or you intend to disclose your undeclared income either under or outside of the Let Property Campaign, we have the experience and right expertise to make it a smooth process for you.
Our services will include
- Mortgage interest reconciliations
- Year by year Expenses claims
- Estate agent statements and capital expenses
- Rental, employment, capital gains, and other income review
- Actual Liabilities Calculations (what you owe)
- Penalty charge review and mitigation
- HMRC Notification and disclosure (Let Prop Campaign)
- Offer submission to HMRC
- Inclusive help if HMRC requires more information
- Assistance and support if HMRC reject your offer
- Guidance on how to pay HMRC
- Payment plan set-up support
- Dealing with HMRC for all Communication on your behalf
- Assistance on how to get things right in the future