LET PROPERTY CAMPAIGN
Do you own a buy to let property or have rental income that has slipped off your mind to declare on your tax return? Don’t stress!
The Let Property Campaign introduced by H M Revenue & Custom 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 when compared to a prompted disclosure.
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 H M Revenue & Customs 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, e.g. 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
We specialising in this area and also various tax investigation work. If you need to discuss your query confidentially, we invite you to have a free of charge, no-obligation meeting or phone call to discuss how our firm can assist you and your business.
Call us now on 020 8241 6642