HMRC updates its guidance on the Let Property Campaign

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.