Let Property Campaign
HM Revenue & Customs has launched a campaign to encourage landlords to own up to unpaid tax on rental income.
Landlords will be able to come forward voluntarily throughout the period of the campaign, which will be at least 18 months. This is to ensure as many people as possible have the chance to come forward.
The Let Property Campaign is an opportunity for landlords who owe tax through letting out residential property, in the UK or abroad, to get up to date with their tax affairs in a simple, straightforward way and take advantage of the best possible terms.
All residential property landlords can take advantage of the campaign, from those with a single rental to those with multiple properties, and ranging from specialist landlords such as student rentals to holiday lettings.
If you’re a landlord who has undisclosed income you must tell HMRC about any unpaid tax. You will then have 3 months to calculate and pay what you owe.
Honest mistakes happen, and you may not know what rental income qualifies for tax purposes. If you don’t know if you need to disclose unpaid taxes landlords can use the Let Property questionnaire to help them decide.
It is always cheaper to come forward voluntarily and pay the tax you owe, rather than wait for HMRC to come calling.
Landlords, or their agents, can find out more about the campaign by visiting the Let Campaign website. https://www.gov.uk/let-property-campaign
If you think you have unpaid tax that you want to report and pay, please contact the Campaigns Voluntary Disclosure Helpline, 9am to 5pm, Monday to Friday, on 0300 123 0998
