HMRC has announced the resounding success of their 'Let Property Campaign' being one of the most successful voluntary disclosure schemes to date.
The campaign was introduced in September 2013 aimed at residential landlords. So far more than 10,000 residential landlords have paid tax on previously undeclared income, which has netted HMRC in excess of £50m.
You can report previously undisclosed taxes on rental income to HMRC under the Let Property Campaign if you’re an individual landlord renting out residential property.
This includes you if you’re:
- Renting out a single property
- Renting out multiple properties
- A specialist landlord, e.g.student or workforce rentals
- Renting out a room in your main home for more than £4,250 a year or £2,125 a year if letting the property jointly, i.e. above the rent a room scheme threshold
- Living abroad and renting out a property in the UK
- Living in the UK and renting a property abroad
- Renting out a holiday home even if you use it yourself
You can’t use this scheme to declare undisclosed income if you’re a company or a trust renting out residential property or if you’re renting out commercial property.
There is no current official end date to the scheme, but it is expected to last for around 4 years.
If you have undisclosed residential property income you should declare as soon as possible as failure to do so could result in a 100% penalty.
A campaign aimed at helping residential landlords get their tax affairs in order has brought in more than £50 million, HM Revenue and Customs (HMRC) announced today.The Let Property Campaign, which HMRC launched in September 2013, is now one of the tax authority’s most successful voluntary disclosure opportunities.More than 10,000 landlords have come forward to disclose tax on previously undeclared income under the campaign.