HMRC has been running the Let Property Campaign (LPC) since Autumn 2013, the campaign is aimed at property landlords who have failed to disclose their rental income.
This campaign presents the perfect opportunity to come clean with HMRC. Essentially, HMRC will go easy on you if you disclose any previously undisclosed income under the campaign. In some, albeit rare cases, HMRC has issued no punishment at all.
The campaign is open to all residential property landlords from those that have a single rental, to multiple properties, and from specialist landlords such as student or workforce rentals to holiday lettings. This campaign does not apply to companies or trusts.
Head of HMRC Campaigns, Marian Wilson, said: “All rent from letting out a residential property or holiday home has to be declared for income tax purposes. Telling us is simple and straightforward.”
Realistically, it’s only a matter of time before those that haven’t paid what they owe are identified, what with HMRC’s access to data from the Land Registry and their own constantly evolving digital intelligence system. Therefore, now is the time to disclose your rental income, as those that fail to come forward will suffer higher penalties or even criminal prosecution.
Fortunately, unlike many other HMRC campaigns, the Let Property Campaign has not got an end date (yet). If you need help getting your tax affairs in order, do not hesitate to get in touch. We have extensive expertise in resolving tax issues and dealing with HMRC on our client’s behalf.
More information on the Let Property Campaign can be found here.
