The Let Property Campaign is a way for landlords who own residential property to disclose any tax owed to HMRC.
Once you have made a declaration to HMRC you then have 90 days grace to pay the amount you owe.
Do not do anything before you have spoken to Kinsella Tax! – We are experts in helping you with your tax affairs so call us today on 0800 471 4546
You are able to report on undisclosed taxes that may have become due in the past on rental income to HMRC under the Let Property Campaign if you rent out residential property and you are an individual, not a company.
This includes you if you:
If you are a company then you cannot use this scheme.
Also if you are an individual renting out a commercial property then you cannot use this scheme.
HMRC have an online Let Property Campaign questionnaire that you can fill in to determine whether you need to disclose any income tax on your property.
HMRC have a sliding scale of penalties depending on how helpful you are in declaring the tax that you owe. Ultimately the penalty can be 100% of the tax so you need to act now if you believe you owe any tax under this scheme. It is up to you to prove ‘reasonable excuse’ if you fail to pay the tax after your January 31st deadline. That is where we can help you.
HMRC have stated that if it gets to the point where they have to write to a landlord about Let Property Income and the landlord has not made any disclosure voluntarily, then this will be regarded as prompted and the landlord will lose out on any favourable penalty conditions. If however, they do make a full admission by the date mentioned in the letter then the let property campaign penalty may be reduced from between 35% and 75%
Call us before you act!
Speak to Kinsella Tax before you speak to HMRC – We offer an anonymous help & advice service which will protect you from the prying eyes of HMRC – Remember, once you have declared you only have 90 days to pay so let us help you now – call 0800 471 4546