Tag Archives: Property

HMRC Let Property Campaign

Let Property Campaign

Following on from the Property Sales Campaign which HMRC ran in the summer (as well as numerous other campaigns in recent years) HMRC are now targeting landlords with their Let Property Campaign.

This campaign targets landlords who have not paid the correct amount of tax, allowing for them to bring their affairs up to date under the most favourable terms. The Let Property Campaign is aimed at individuals rather than companies or trusts and will include landlords who are:

 

  • Renting out a single property
  • Renting out multiple properties
  • Specialist landlords, 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

As with other campaigns, using this facility does not guarantee that you will not be penalised but HMRC do say that they will view individuals in the most favourable light.

How to take part

The first step is to notify HMRC of your intention to make a disclosure under the campaign. This can be done by completion of the Let Property Campaign Notification form, which can be submitted via the Internet or post. Alternatively, you can telephone the Let Property Campaign helpline on 03000 514 479  indicating that you wish to take part in the scheme.

You will need to follow up with a calculation of tax owed to HMRC within 3 months of the notification, along with the disclosure form. The calculation will need to cover the previous 6 tax years unless there has been a deliberate error.

If you believe the Let Property Campaign may apply to you and would like assistance with making the disclosure then please contact Clare Vaughan on 01872 271655 or by email on clare.vaughan@kelsallsteele.co.uk.