The Let Property Campaign is an opportunity open to all residential property landlords with undisclosed taxes to get up to date with their tax affairs in a simple way and take advantage of the best possible terms. Unlike previous campaigns, there is no disclosure ‘window’ requiring you to disclose what you owe by a specific date.
HMRC is targeting compliance activity across all landlord types and will identify and write to landlords who they consider may not have declared all their rental income. Those involved will not be able to use the let property campaign.
In order to use the let property campaign you will need to notify HMRC of your intention to make a disclosure and then you will have 90 days to work out and pay what you owe. Penalties if applicable should be less than if HMRC make the discovery themselves.
HMRC may look at things such as the land registry, landlords using the tenancy deposit regime and even issue notices under Paragraph 1, Schedule 23 to the Finance Act 2011 to letting agents in order to obtain details of residential landlords and transactions. Data obtained will then be cross checked against self assessment records. Here at Premier Tax Solutions we have seen this occurring first hand so it is a very real risk.
If you are a residential landlord who would like some confidential advice on the Let Property Campaign please call us on 01782 479699.
For more information on the Let Property Campaign see the following guide: https://www.gov.uk/government/publications/let-property-campaign-your-guide-to-making-a-disclosure/let-property-campaign-your-guide-to-making-a-disclosure