News from the Tax office – latest campaign

Let Property Campaign

This campaign is an opportunity to disclose taxable income to HM Revenue and Customs( HMRC) on better terms than those available in an HMRC enquiry.  Landlords who have failed to declare their rental earnings to HMRC are being warned to pay up or face higher penalties.  You may be unaware that income you have from property is taxable. If you owe tax on your letting income you’ll need to tell HMRC about the income you haven’t declared by making a voluntary disclosure.

This includes you if you’re:

  • renting out a single property
  • renting out multiple properties
  • a specialist landlord, e.g. student or workforce rentals
  • renting out a room in your main home for more than £4,250 a year or £2,125 a year if letting the property jointly, i.e. above 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

The sooner you make a disclosure, the less likely it is that HMRC will find you first!

For any more information regarding the issues raised in this article please contact one of the a&c team on 0161 962 1855 or email quote let property campaign.

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