Received a letter from HMRC? Let Property Campaign!!!
HMRC’s Let Property Campaign is a disclosure opportunity which is mainly for property landlords who have not disclosed their rental income. Many of the landlords have never prepared self-assessment and have not declared their rental income, though this may be unintentional. Furthermore, if you are receiving a second form of income from a property rental, or are managing multiple properties as a landlord, it can be difficult to stay on top of the latest tax legislation and all too easy to fall behind with your business accounting. Often the simplest of mistakes can result in a person owing tax without realising it. Let property campaign is an opportunity for everyone who owes tax to get up to date with their tax affair HMRC and take advantage of the best possible terms.
With the new integrated system with the land registry HMRC are using new more effective measures to identify landlords who have let property but not declared it on their tax return. Those who are prompted by HMRC, they face having to pay back all of the tax they would have owed plus interest and penalty fines. Whereas on the other hand voluntary disclosure result with less interest and penalties.
So, this is a great opportunity for all the landlord to get up to date with their tax affair and take advantage of the best possible terms. This option should be considered by every landlord and take full advantage till it last. This law allows individual to make up for their undisclosed income for up to 20 years whereas with self-assessment you can only catch up on maximum of 6 years. If you do not come forward before this campaign elapse then if later HMRC finds out that you are behind with your tax affair, they may carry out a serious criminal investigation in the future. Recently again HMRC started issuing a fresh batch of letter to the landlord who are NOT disclosing the income
How Can We Help?
We can make your let property campaign disclosure for you. We will assist you with the whole process including communicating with HMRC, calculating your tax affairs for the previous years. Our experienced experts will also ensure to claim all the allowable expense for per HMRC guidelines to minimise your tax liability as much as possible. We can also help you achieve the minimum penalty rate possible, and help you navigate through all the issues that have grown from the evolution of the HMRC Let Property Campaign. We have huge success rate in this campaign and hence we are confident that we can bring your affair up to date with HMRC.
Written by Kazi Ashraf