Her Majesty's Revenue and Customs (HM Revenue and Customs or HMRC) is a non-ministerial department of the UK Government responsible for the collection of taxes, the payment of some forms of state support and the administration of other regulatory regimes including the national minimum wage.... More continue to invest in measures to prevent tax avoidance and evasion and are running campaigns to encourage individuals to disclose their income to HMRC.
The let property campaign was launched in September 2013 and this continues to remain open. The campaign provides the opportunity for individual landlords letting out residential property in the UK or abroad, to bring their tax affairs up to date.
HMRC continue to push this campaign as they say it has resulted in more than £50m of additional tax to date.
It appears that HMRC are using information provided by letting agents and the land registry and have recently sent out further letters to landlords who they suspect have not been declaring their rental profits. If you have received any kind of communication from HMRC it is important these are responded promptly as a failure to do so could prompt further investigation from HMRC.
Individuals wishing to use the scheme need to notify HMRC of their intention to take part and then have 3 months to make their disclosure and pay any tax that may be due. Participating in the campaign allows landlords to get the best terms available and increases their chances of avoiding higher penalties.
We have specific experience in assisting clients with making a disclosure of property income to HMRC and would always advocate bringing your affairs up to date at the earliest opportunity and before HMRC contact you.
If you require assistance with making a disclosure then please do not hesitate to contact us.