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Let property disclosure campaign

The Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing any outstanding liabilities whether due to misunderstanding the tax rules or because of deliberate tax evasion.

The campaign was launched in September 2013 and does not currently have an end date. Landlords who do not avail of the opportunity and are targeted by HMRC, can face penalties of up to 100% of the tax due together with possible criminal prosecution. HMRC’s guidance on the scope of the campaign has been updated. The campaign is an opportunity open to all residential property landlords with undisclosed taxes. The campaign is not suitable for those letting out non-residential properties.

Taxpayers that come forward will benefit from better terms and lower penalties for making a disclosure. Landlords that make an accurate voluntary disclosure are likely to face a maximum penalty of 0%, 10% or 20% depending on the circumstance in addition to the tax and interest due. There are higher penalties for offshore liabilities.

There are three main stages to taking part in the campaign, notifying HMRC that you wish to take part, preparing an actual disclosure and making a formal offer together with payment. The campaign is open to all individual landlords renting out residential property. This includes landlords with multiple properties and single rentals as well as specialist landlords with student or workforce rentals. HMRC’s guidance has recently been updated to reflect the start of the new tax year.

Source: HM Revenue & Customs Tue, 14 Apr 2020 05:00:00 +0100

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Some accountancy websites also provide pages and pages of tax information, helpsheets, etc. We prefer to give clients personally tailored advice. So, if you want details of tax rates and allowances just go to the HMRC website on which you should find what you’re looking for. If you need more individual advice please contact us.

Below are links to websites you may find of interest, but as we like to support our local community and clients, we have included links to websites that may be of interest:

HMRC
FT
BBC
VEALE WASBROUGH VIZARDS
CESP
PRACTICE INDEX
SIMCOMM ACADEMY

More Local:
FOOTPLATE EXPERIENCE
ANGLEBURY PRESS
OFFCAMBER.CO.UK