Let Property Campaign- Disclosing Rental Income
If you are a landlord with undisclosed rental income then HMRC’s Let Property Campaign is an opportunity to disclose that income and get your tax affairs up to date.
All rent from the residential property must be declared for income tax purposes.
People become landlords for a variety of reasons and might not necessarily even consider themselves to be landlords: they might have inherited a property or need to rent out a room to cover mortgage costs.
The Let Property campaign is open to residential property landlords if they are
- renting out a single property
- renting out multiple properties
- a specialist landlord, e.g., student or workforce rentals
- renting out a room in your main home for more than the Rent a Room Scheme threshold
- living abroad and renting out a property in the UK
- living in the UK and renting a property abroad
- renting out a holiday home even if you use it yourself
Once you have disclosed unpaid income to HMRC you will have 90 days to work out what you owe.
HMRC states “The Let Property Campaign offers the best possible terms available to get your tax affairs in order. You can take advantage of these by notifying your intention to participate and co-operating with HMRC to make a full disclosure and payment.”
Find more information:
HMRC Let Property Campaign- guide to making a disclosure
Let Property Questionnaire- to check if you need to disclose unpaid taxes under this campaign
Cunningtons can help with advice on how to disclose your undeclared rental income through the Let Property Campaign.
Disclaimer: The information in this article is provided for general information only and does not constitute legal or professional advice. We cannot accept responsibility or liability for any actions you may take, or not take, based on this information.