The let property campaign has been introduced by HMRC to encourage landlords who have not declared their property income for several years to confess and put their tax affairs in order with reduced penalties.
HMRC have a system in place which is identifying landlords who have not paid tax on their rental income and are threating that if you do not disclose voluntarily with reduced penalties, HMRC will find you and open a full enquiry which will cost you more in penalties and could mean all your finances will be subject to full tax investigation.
HMRC have the power to go back a maximum of 20 years and collect unpaid tax, so it is important you act on this as soon as possible to get favourable terms.
Over the last year we have dealt with many clients under the let property campaign, some who have received enforcement from HMRC and others who genuinely forgot or didn’t know they had to complete a self-assessment and voluntarily corrected their unpaid tax before HMRC have prompted them.
We work in partnership with the client and HMRC to resolve the issue and negotiate reasonable terms with HMRC and to try and get the best result for our client.
If you have undeclared property income or have recently received a letter from HMRC to disclose please feel free to get in contact with me.