Landlords To Be Given Opportunity To Settle Undeclared Taxes

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October 15th 2018
Week 28
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Landlords To Be Given Opportunity To Settle Undeclared Taxes

HMRC launches it's Let Property Campaign to allow residential landlords who have not declared rental income to voluntarily come forward.

Over the next 18 months, HMRC will be providing residential landlords with the chance to voluntarily disclose any rental income they have not declared and paid taxes on.

As part of the continuing fight against tax evasion, the Let Property Campaign is targeting landlords who owe tax and offering them a chance to declare and settle, including fines and penalties, with the taxman.

Current estimates state up to 1.5 million landlords, intentionally or accidentally, may be underpaying up to £500 million in taxes per year.

The campaign targets specifically residential landlords, including:

  • Single Property Rentals
  • Multiple Property Rentals
  • Student or Company/Work Lettings
  • Holiday Rentals

Over the 18 month campaign, a period which may be extended, taxpayers can contact HMRC and voluntarily declare outstanding income. It is important that the taxpayer is the first to make contact, as HMRC will be using a database of property rental records to single out people thought to have not declared their full income.

By coming forward voluntarily, any penalty will be lower than fines/penalties imposed if the taxman makes the first contact (Up to 100 percent of any tax determined plus possible prosecution).

People can contact the campaign line on 03000 514 479.

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