The Let Property Campaign gives individual landlords an opportunity to bring your tax affairs up to date and to get the best possible terms to pay the tax you owe.
You will need to update HMRC by making a voluntary disclosure for any tax owed on letting income that you have not declared. Once you have told HMRC that you wish to take part, you will have 90 days to calculate and pay what you owe. Doing this will get you the best possible terms.
Who can do this?
Individual landlords who are renting out residential property, this includes if you are:
- renting out a single property
- renting out multiple properties
- a specialist landlord, eg 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 even if you use it yourself
This scheme cannot be used by companies or trusts renting out residential property or if you are renting out commercial property.
If you aren’t sure whether you need to disclose unpaid taxes under this campaign, get in contact with us and we can help you out!
For more information on the Let Property Campaign click here.