HM Revenue in the UK presently has a campaign running which is inviting individuals with let property which is subject to UK tax and who have not previously made this known to approach HM Revenue with a notification of a liability to income tax, in the form of a voluntary disclosure.
The HMRC website advises that to get the best possible terms, ” … you must tell HMRC that you wish to take part by filling in a notification form or calling the Let Property Campaign helpline. You’ll then have 3 months to calculate and pay what you owe.”
Persons who might be affected are individuals who are:
- 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
As is customary, once a campaign has ended if HM Revenue becomes aware of undisclosed income the taxpayer concerned can expect to have some difficulty seeking the mitigation of penalties for non disclosure.
GM Tax invites those with rental income that ought to be disclosed to HM Revenue to contact us for a no obligation confidential discussion about your situation, how we might help, and our fees.