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 & 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 in the Campaign.
Who can do this?
You can use this facility if you are:
- 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 £4,250 a year or £2,125 a year if letting the property jointly
- 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
You can’t use this scheme to declare undisclosed income if you’re a company or a trust renting out residential property or if you’re renting out commercial property.
If you don’t make a voluntary disclosure now and HMRC finds out later, you could get higher penalties and face criminal prosecution.
Please give us a call as soon as possible if you would like any further advice regarding the details of this Campaign or would like us to assist you in making a disclosure to HMRC.