Are you a residential landlord? Have you inherited a house and are now renting it out? Holiday let? Are you confident you are correctly declaring your rental income to HMRC?
HMRC run ‘campaigns’ to encourage individuals in certain areas or business sectors to disclose undeclared, or under-declared income. The Let Property Campaign is a disclosure opportunity aimed at residential property landlords who have failed to disclose rental income. The campaign is open to all residential property landlords from those that have multiple properties, to single rentals, and from specialist landlords such as student or workforce rentals, to holiday lettings.
The advantage of disclosing via a campaign is that this will usually result in lower penalties. For those that fail to come forward, it is likely to mean much higher penalties or even criminal prosecution, if HMRC finds out about you later.
So if you require assistance, don’t hesitate, contact us today.