HMRC are offering landlords who rent out residential property and fail to tell HMRC about all the rental income an opportunity to come forward.
The Let Property Campaign is aimed at residential property landlords - from those that have multiple properties, to single rentals, and from specialist landlords such as student or workforce rentals, to holiday lettings - who may owe tax, whether through misunderstanding the rules or deliberate evasion.
These landlords are invited to tell HMRC about any unpaid tax on rents, and pay what they owe, including any penalties and interest due.
HMRC estimate that up to 1.5 million landlords may be underpaying up to £500 million in UK tax every year.
After the campaign, HMRC will use information they hold about property rental in the UK and abroad, along with information already held on their digital intelligence system, to identify those who have not paid what they owe. Those that fail to come forward will face higher penalties or even criminal prosecution.
If you have one or more properties which you let, whether you make a profit or a loss, unless you have already done so, you should consider informing HMRC as soon as possible. Speak first with PayStream's Tax Team to ensure you understand what your obligations are and how to mitigate any potential tax bill.
Our Tax Team are ready to help and can assist you with the form and content of any required disclosure to HMRC. Call them on 0161 929 6000 (option 2) or email on firstname.lastname@example.org