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The Let Property Campaign is a way for anyone who has income from letting out a residential property to put their tax affairs in order. HMRC recognise that some people have purchased a second property as an investment, others have become landlords by accident, perhaps after work-based relocations or through changes to domestic circumstances, such as moving in with a partner or looking after an elderly relative.
HMRC are using more effective measures to identify landlords who have let property and those who come forward voluntarily will still have to pay the penalty of up to 20% – plus the tax and interest – but this compares with penalties of up to 100%, and even the possibility of prosecution.
If you have received a letter from HMRC then you have to act promptly as there can be increased penalties and they can bring criminal proceedings. If you have not received a letter you should consider making an unprompted disclosure as the penalties will be lower.
We can help you make your Let Property Campaign disclosure and make sure you pay the right amount of tax. We undertake a full tax review of all of the undeclared years, helping identify allowable expenses and minimising your tax liability.
The above are just some of the services our Bookkeeping Managers can help you with, for a more detailed discussion please contact us today on 0203 633 2018 or complete our online contact form. We are here to help you start and grow your business and take the burden off you so you can get on with running your company.
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