Let Property Campaign
The Let Property Campaign enables landlords to make a voluntary disclosure to HMRC regarding rental income which they have not previously declared and to settle any tax due.
If you are a landlord who has received rental income in relation to a residential property, you should disclose this income to HMRC annually on a self-assessment tax return. Residential property rental includes:
- the letting of any dwelling such as a room in your own home,
- holiday lets (including Airbnb),
- letting your own home if you are living abroad.
Once you apply to make a disclosure under the let property campaign, you will have 90 days to calculate the tax due to HMRC and to submit your disclosure. Payment of any overdue tax and penalties will be due by the same date (although it may be possible to arrange payment in instalments).
Loucas have successfully dealt with many Let Property Campaign disclosures. We can guide you through the whole process from notification, through to settling any tax due. We will prepare rental accounts, tax calculations, work out the interest, ensure penalties are kept to a minimum and put together your formal disclosure, which will be submitted to HMRC.
If you chose not to disclose your rental income, it is possible that HMRC may launch an enquiry or investigation into your tax affairs. If HMRC later prompts you into making a disclosure, the penalty rate applicable will be far higher than if you voluntarily disclose your rental income under The Let Property Campaign.
Once your affairs have been brought up to date, we can also prepare your annual self-assessment tax returns to ensure you remain compliant going forwards.
The way rental profits are calculated has changed over the years; it is important to ensure you engage a tax adviser who can calculate your rental profits in line with the legislation and minimise your liabilities as far as possible.