Let Property Campaign – Do You Have Undisclosed Rental Income?
If you are a landlord and you have undisclosed income, under the Let Property Campaign you have the opportunity to get up to date with your tax affairs and take advantage of the best possible terms. You will then have 90 days to work out and pay what you owe.
It is worth mentioning that the Airbnb accounts for the year to 31 December 2019 include a statement that the company will share data with HMRC about the earnings of those who let out property on its UK platform in the years 2017/18 and 2018/19.
The Let Property Campaign is an opportunity open to all residential property landlords with undisclosed taxes. This includes:
- those that have multiple properties
- landlords with single rentals
- specialist landlords with student or workforce rentals
- holiday lettings
- renting out a room in your main home for more than the Rent a Room Scheme threshold
- those who live abroad or intend to live abroad for more than 6 months and rent out a property in the UK, as you may still be liable to UK taxes
This campaign is not open to those landlords who are letting out non-residential properties such as a:
- lock up
You also cannot use the Let Property Campaign if you want to disclose income on behalf of a company or a trust.
To benefit from the reduced penalties offered, HMRC will take account of the level to which you have helped them and the accuracy of the information you provided.
This campaign will be ongoing for some time, landlords intending to come forward who delay, risk higher penalties if they are subject to an enquiry and they have not already notified an intention to disclose.
For full details of the scheme, please see the Government Guidance at https://www.gov.uk/government/publications/let-property-campaign-your-guide-to-making-a-disclosure
Also follow us for further updates on: