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According to the most recent data, 42 % of landlords willfully notified outstanding tax to HMRC. In 2013, HMRC introduced the Let Property Campaign to reach resident and non-resident landlords whom it suspects do not report their rental income. The campaign allows property owners who owe tax to voluntarily settle their tax affairs and take benefit of the best available options for 2022/23.
Making a voluntary disclosure of all overdue taxes generally results in a smaller penalty than HMRC would otherwise enforce. If HMRC investigates your tax return, you may usually expect a substantially greater penalty. However, the decline in landlord declarations from 7,578 in 2019/20 to 4,330 in 2020/21 implies that the amount of tax received by HMRC from the campaign has reduced from £34m to roughly £17m, the worst number in seven years.
Campaign targets all individual landlords renting UK residential property, including:
- Single-property landlords.
- Multiple-home landlords
- Student or workforce landlords.
- A holiday home rental, whether or not it is used by you, is a risk.
- Foreigners renting UK property
- UK residents who rent overseas.
- Those renting out rooms over the Rent a Room Scheme threshold in your primary residence.
HMRC believes people want to pay the proper amount of tax and wants to support those who aren’t doing so. The Let Property Campaign allows homeowners who owe tax by renting out residential property in the UK or overseas to update their tax liabilities in a simple, clear way and take benefit of the best available options.
If you’re a landlord with unreported income, you must notify HMRC and have 90 days to pay what you owe. At Tax Accountant, we offer an extensive selection of property tax services for landlords and those with second homes and are well-versed in supporting individual homeowners with their Let Property Campaign disclosures. Call our number right now at 0800 135 7323 to book an appointment with a specialist Tax Accountant.