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Tax Advisory UK

Let Property Campaign

What is Let Property Campaign?

The Let Property Campaign is a scheme where HMRC are giving landlords the chance to disclose undeclared rental income in the UK and abroad and bring their tax affairs up to date.

Once you notify HMRC of your voluntary disclosure you are then given 90 days to prepare and pay the taxes you owe.

Tax Advisory UK recommends speaking with a Chartered Tax Advisor (CTA) for specialist advice if you have to engage with the Let Property Campaign.

The landlords that Let Property Campaign effects 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 shop, garage or lock up.

Tax Advisory UK can help you with all your tax planning and tax investigations offering the best client service available in the industry.

Our goal is simple, to provide all our clients with tax-saving solutions by engaging you with highly regarded Chartered Tax Advisors (CTA) and respected Tax Investigators.

Let Property campaign disclosures

You can make a full and voluntary disclosure of all unpaid liabilities with HMRC which will ensure lower fines and penalties. HMRC will take this into account rather then being caught by them raising an enquiry or compliance check.

To take part in the Let Property Campaign you should:

tell HMRC that you want to take part in the Let Property Campaign (Notify)
tell HMRC about all income, gains, tax and duties you have not previously told them about (Disclose)
make a formal offer
pay what you owe
help HMRC as much as you can if they ask you for more information

HMRC will take into consideration when issuing penalties the amount of co-operation you had with them.

Being 100% transparent with HMRC and explaining your reasons for not paying rental income tax can also help them understand your actions.

Sometimes not understanding the rules or being poorly represented should be explained to HMRC before they uncover the errors. Deliberately providing wrong information or keeping information from HMRC will result in higher penalties being issued to you.

If you have made a mistake on your self-assessment and HMRC agrees with your explanation then they can look back into 6 years of your accounts. If HMRC believe you to be misleading or dishonest with your tax affairs then they have the power to look back up to 20 years of your company’s records.

What should you do if HMRC contact you?

HMRC are actively targetting landlords and if they find information where they believe landlords have not disclosed the correct rental income then they will contact you by post with a ‘Let Property Campaign’ letter.

HMRC will want to carry out compliance checks and enquiries and the landlord that has been contacted will lose the right to use the Let Property Campaign.

HMRC will identify those who they believe should have made a disclosure by:

comparing the information already in their possession with customers’ UK tax histories
continuing to use their powers to get more detailed information about payments made to and from landlords

The penalty charges issued under these circumstances will be higher than those issued to Let Property Campaign landlords. The penalties could be up to 100% of the unpaid liabilities or up to 200% for offshore-related income.

Contact Tax Advisory UK today and we will arrange a meeting with some of the UK’s most qualified and experienced Chartered Tax Advisors to help with Let Property Campaign inquiries. Please call 07908 074954.

“The service provided by Tax Advisory UK was exceptional from start to finish. They responded to my ask for advice immediately and brokered meetings with three organisations within a short space of time.

As a result of these meetings, I was in a position to contract one of the organisations to help me with my tax issues. The resulting outcome was better than I could have hoped for.

Throughout this process Tax Advisory UK have been very helpful on providing guidance and ensuring the service I receive is of the utmost quality. I would highly recommend getting in contact with Tax Advisory UK for any tax issues you may be experiencing”

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