HMRC Property Sales Campaign - Act now or regret it later

Undeclared rental  profits are not difficult for HMRC to track down.   In the UK they have access to the Land Registry (so they can find out about your ownership of the property) and Council Tax and Housing benefit records (so they can find out who lives there). They can also use third party legal notices to rental agents, banks, and solicitors.

HMRC recently posted 40,000 letters to private landlords who it believes have not fully declared rental income on let properties.

The  Let Property Campaign  gives private landlords an opportunity to bring their affairs up to date and settle tax on favourable terms.

The plan can be used if you are

*   renting out a single property or multiple properties
*   a specialist landlord, e.g. student or workforce rentals
*   renting out a room in your main home for more than the Rent a Room Scheme threshold
*   living abroad and renting out a property in the UK
*   living in the UK and renting a property abroad
*   renting out a holiday home
You cannot use this particular scheme if you are a trust or renting properties via a company, and it does not apply to commercial property.
We would strongly recommend that if this applies to you that you use the scheme to make a voluntary disclosure, this will mean that you can benefit from lower penalties and the ability to negotiate an affordable payment plan.

Landlords who do nothing, especially after receiving a nudge letter run the risk of investigation under one of HMRC's procedures which could lead to a criminal conviction, and will definitely face much higher penalties.

Contact us for more information.