Do you have undisclosed rental income?
If so, 360 can help get your tax affairs up to date before HMRC do.
HMRC have been running a disclosure scheme over the past few years which allows individuals to disclose income which has not previously been reported to HMRC, often for numerous years. This scheme is called the ‘Let Property Campaign’
The Let Property Campaign is an opportunity for landlords who owe tax through letting out residential property, in the UK or abroad, to get up to date with their tax affairs in a simple way and take advantage of the best possible terms.
If you’re a landlord and you have undisclosed income, you must tell HMRC about any unpaid tax now. You’ll then have 90 days to work out and pay what you owe. 360 can make this disclosure for you.
The Campaign is available to all residential landlords who fall into the following areas and who have undisclosed taxes:-
- 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
Unfortunately, this Campaign is not available to landlords who let out non-residential properties such as garages and shops.
Let 360 help you by taking advantage of the more favourable terms available through the ‘Let Property Campaign’ before HMRC approach you about your undisclosed rental income. The terms are much more favourable if a disclosure is made first whereas if HMRC approach you interest and penalties incurred on unpaid taxes can become very expensive and unnecessary.
If you would like more information on how 360 can help you disclose this income please speak to one of our personal tax team or book one of our no obligation, no cost meetings, contact Gayle Pitter on 01482 427360 or e-mail firstname.lastname@example.org.