Let Property Campaign
If you’re a private landlord renting out residential property in the UK or overseas, the Let Property Campaign gives you the chance to get your tax affairs in order and to obtain the best terms for paying the tax you owe.
If you have unreported rental income for which you owe tax, you must make a voluntary declaration to HM Revenue and Customs (HMRC).
You must inform HMRC that you want to participate if you want the best possible conditions. After that, you will have 90 days to figure out your debt and make a payment.
Who is capable of doing this?
If you are an individual landlord renting out residential property, you may be able to report previously unreported taxes on rental revenue to HMRC under the Let Property Campaign.
You are included if you are:
leasing a single piece of property
renting a variety of properties
a specialised landlord, such as one offering workforce or student rents
renting out a room in your primary residence for a sum that exceeds the Rent a Room Scheme ceiling.
living overseas while leasing a home in the UK
living in the United Kingdom while renting a home overseas
even if you utilize the vacation rental yourself
If you are a business or trust renting out residential or commercial property, you cannot utilize this technique to declare unreported revenue.
You can use this questionnaire to help you decide whether you should report any overdue taxes as part of this campaign if you aren’t sure whether you should. After answering a few straightforward questions, you’ll receive advice on what you should do in light of your particular situation.
How to disclose your revenue?
Read the disclosure instructions before telling HMRC about your income. A Government Gateway account is required.
To figure out how much you owe, you can use a calculator. If you need to tell HMRC about more than 7 years of unpaid taxes, there is a different calculation.
Call the hotline prior to your 90-day payment deadline if you require additional time to pay.
If you should reveal but decide against doing so, residential landlord tax evasion is a target for HMRC. To find persons who might not have paid what they owe, they will utilize information they have on home rentals in the UK and overseas as well as other data they hold on clients.
Failure to voluntarily disclose at this time, later discovered by HMRC, may result in penalties and/or prosecution.
Get in touch
If you are a buy-to-let landlord and concerned about your tax liabilities, contact our team at Cheylesmore Accountants, or email info@cheylesmore.com.
