HMRC updates its guidance on the Let Property Campaign

Share

The Let Property Campaign is 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 and straightforward way.

It 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

Those who are unsure whether they need to disclose unpaid taxes under this campaign can use the Let Property questionnaire to help them decide. Full details of the campaign and how to make a disclosure can be found here.

Early disclosure will result in lower penalties and interest being payable. If HMRC accepts a disclosure, landlords do not necessarily have to make an upfront payment as HMRC accepts various payment methods and will be allow individuals to spread payments.

Share

Other News

Tax Year End Planning Checklist For Individuals – 2023/24 Tax Year

As tax year end approaches, there is still time to make use of your available reliefs and allowances.

This tax year end planning checklist covers the main planning opportunities available to UK resident individuals and will hopefully help to inspire action to reduce tax for the 2023/24 tax year and to plan ahead for 2024/25.

Higher Rate Taxpaying Is A Growing Club

As tax rate band thresholds are changing, understanding the impact on high rate taxpayers and the economy is crucial.

5 Top Tips To Boost Your Pension Savings

It was recently revealed in the media that the amount we need to enjoy a ‘moderate’ retirement has increased by £8,000 per annum, a 38% increase, in just one year.