Let Property Campaign letters - July 2018

Throughout July and August 2018 HMRC sent the huge batch of 'Let Property Campaign' letters to landlords and other buy-to-let investors with undeclared rental income. This wave of letters largely targets accidental landlords with 1 or two rental properties. 

The Let Property Campaign, launched in 2013, prompts landlords with undisclosed rental income to come forward and regularise their tax affairs. 

Figures released by HMRC in 2017 show the Let Property Campaign has generated more than £135 million in unpaid tax, penalties and interest. 

HMRC's state-of-the-art analytical computer system 'Connect' draws on information from a range of government and corporate sources, including HM Land Registry and the Tenancy Deposit Scheme, to create a profile of each taxpayer’s total income. 

Letting agents have also been sent statutory notices demanding details of rents collected on behalf of private landlords. An initial fine of £300 applies to those agents failing to meet the initial deadline, with a potential further fine of £60 per day for ongoing failure.

Confidential Advice - Contact Us

As one of the UK leading firms of Chartered Accountants and Tax Advisors, we have significant experience in dealing with voluntary tax disclosures and tax investigations. For further information, or to arrange a free, confidential consultation, please telephone Ian Leigh or Paul Williams (ex-HMRC Inspector) on 0207 309 2222.