Let Property Campaign
HMRC Disclosure Facility
Landlords can use the Let Property Campaign to make a voluntary disclosure to HMRC about the rental income they haven’t previously disclosed. Book an appointment with our accountants to discuss your circumstances.
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LET PROPERTY CAMPAIGN
OPPORTUNITY TO SAVE TAX
The Let Property Campaign is a remarkable program being put forth by HMRC and motivating the property owners with undeclared rental income to declare their income and gains without any investigation. HMRC computer system ‘CONNECT‘ and the other databases they have access to are expected to at some point catch up with landlords who are not registered for tax. Non-payment tax will end up in significant penalty charges and possible tax investigations in their business affairs.
We understand that these property owners may not have that much tax liability than they contemplate, and that is among the list of motives they are hesitant to tell their income to the taxman. We have assisted numerous new clientele in making full disclosure to HMRC under the Let Property Campaign. The general concern about the total tax liabilities is quite often not as high as expected. We would undoubtedly urge landlords with undisclosed rental income and gains to take advantage of the Let Property Campaign. If you have any undeclared property income and profits, then we can assist you in making full disclosure to HMRC and keep the penalties minimal.
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Any landlord who is not registered for tax or have never disclosed his income from property can file disclosure under Let Property Campaign. Income from property can include, private rents, HMO, students or workforce rentals, rent a room.
Only individuals can use this disclosure facility. It is not open to companies, trusts or individuals who are already under inquiry or compliance check by HMRC.
Companies, trusts and individual landlords with commercial rental income are not allowed to use Let Property Campaign. Similarly those who have other income which also needs to be disclosed, they can use HMRC Digital Disclosure Facility to include other income. Tax Payers with much complicated matters can also apply for Contractual Disclosure Facility under Code of Practice 9 to get immunity from prosecution. Anyone under inquiry with HMRC is not allowed to make any disclosure under any scheme or facility.
The straight answer is 20 years. But in practice, it can be less time scale. HMRC will evaluate the tax payable and may ask for six years of disclosure. It is the taxpayer duty to calculate his tax for the period he hasn’t disclosed or paid tax, and if there is any tax payable, it should be disclosed to HMRC. There can be heavy penalties and possible prosecution in most serious offences if it is found that there was a deliberate attempt to hide income while making a disclosure.
HMRC can charge a 100% penalty of the tax payable. Under Let Property Campaign, HMRC can charge 0%, 10%, 20% depending on circumstances. HMRC charges 35% for deliberate behaviour. Higher penalties as high as 200% can be charged for the offshore tax liability.
Not answered above?
If you need advice regarding your personal circumstances, please call our office or book an online appointment.