A Quick Guide to the Let Property Campaign

A Quick Guide to the Let Property Campaign

If you're a landlord who hasn't declared rental income, the Let Property Campaign can offer a way to set things right with HM Revenue and Customs (HMRC) in the UK. Let's dive into what this campaign is about, its scope, and how you can participate.

Understanding the Let Property Campaign:

The Let Property Campaign is an initiative by HMRC designed to encourage landlords to disclose any undisclosed rental income and bring their tax affairs up to date. It's aimed at those who let out residential property but have not declared their rental income to HMRC.

Scope of the Let Property Campaign:

The campaign covers various scenarios, including:

1. Undeclared Rental Income: If you've been receiving rental income but haven't reported it to HMRC.
2. Multiple Properties: It's not just for single-property landlords. If you have multiple rental properties, you can still participate.
3. Non-Resident Landlords: Even if you live abroad but earn rental income from UK properties, you're not exempt. The campaign applies to you too.

Disclosures Outside of the Let Property Campaign:

If you're already under investigation by HMRC or believe you may have committed tax evasion, the Let Property Campaign might not be suitable. In such cases, seeking professional advice is crucial to address your tax situation appropriately.

How to Take Part in the Let Property Campaign:

Participating in the Let Property Campaign involves several steps:

1. Notify HMRC: Inform HMRC that you wish to disclose your rental income under the Let Property Campaign. You can do this online or by contacting them directly.
2. Calculate Your Tax Liability: Determine the rental income you haven't declared and calculate the tax owed, including any penalties and interest.
3. Make a Disclosure: Submit your disclosure to HMRC along with payment for the tax owed. You'll need to provide details of your rental income, expenses, and any other relevant information.
4. Settle Affairs: HMRC will review your disclosure and may contact you for further information if needed. Once everything is in order, you'll settle your tax affairs and bring them up to date.

Conclusion:

Even if you’re taking part in this scheme. It is always worthwhile consulting with Tim from MS Taxes before contacting HMRC!! Don’t wait for HMRC to knock on the door, go to them and the penalties will be lower.