Have you received a letter from HM Revenue and Customs (HMRC) under the Let Property Campaign? Are you letting out a property but haven’t paid tax on your rental profits? If the answer to these questions is YES, our expert team of HMRC Let Property Campaign Accountants can help you put things right by disclosing under Let Property Campaign.
Firstly, a brief introduction to the Let Property Campaign, which was announced in September 2013. The campaign offers incentives for those who have underpaid tax due to undeclared rental income. The main incentive for the campaign is the lower penalty for undeclared income and the opportunity to make a full and final disclosure of undeclared tax liabilities.
In order to take this advantage:
You should make a disclosure of your UK property income if:
If you receive a letter from HMRC under Let Property Campaign for your undeclared property income, the disclosure under such circumstances would be a prompted disclosure.
If you realise that you have unpaid tax liabilities and therefore decide to make a disclosure, this would be a voluntary disclosure and HMRC, and there are more benefits:
The following can make disclosures under Let Property Campaign:
We are experts in personal taxation and have a dedicated team of specialist landlord tax advisors who can advise you on the best way to disclose your rental income. Our specialist team of landlord experts have vast knowledge and experience in making disclosures and dealing with HMRC to ensure that you pay the right amount of tax on rental income. We have dealt with hundreds of disclosures since the campaign launch in 2013. Our HMRC Let Property Campaign Accountants can provide the following services:
HMRC may publish the details of those who are not fair and honest in making their disclosures and deliberately fail in particular tax obligations. HMRC will not publish the details if you do the following:
The first £1,000 of your rental income is tax-free. This is called property allowance. If your income is between £1,000 to £2,500, you need to speak with HMRC.
You must file a tax return if:
You may not need to file a tax return if your gross rental income before allowable expenses is less than £10,000. However, we advise you to submit a tax return so that your rental property losses are recorded with HMRC to ensure its claim against the future rental income.
We are open to any suggestion or just to have chat. Simply submit the form and we’ll call you at a time you decide.