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News - 23 April 2014

Landlords given chance to disclose residential property income.

 HMRC has launched the Let Property Campaign, which will give Landlords who have yet to declare income from residential lettings in the UK and abroad the opportunity to bring your tax affairs up to date and to disclose and pay any unpaid tax.

 
The Campaign enables individuals to disclose lettings income from residential property by submitting a notification form or calling the Campaign helpline. Landlords who choose to voluntarily disclose their income are being promised a better deal than if they choose not to, and are subsequently investigated by HMRC. They will also have three months from the date their declaration is acknowledged to calculate and pay the tax owed.
 
You can use the scheme if you’re: 
  • renting out a single property
  • renting out multiple properties
  • a specialist landlord, eg 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, ie 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
 
Stuart Coleman, Manager of the Tax Department of ABDS comments:
“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. 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.”
 
If you need any help and advice on the implications of Property Ownership, Letting and Taxation, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help.
 
ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900 E-mail: abds@netaccountants.net
 
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Great with people  
Clear and precise with advice
Timely and cost effective
In touch with issues that face our clients
Mindful of our client’s long term strategic goals
 
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