PROMPTED LET PROPERTY CAMPAIGN LETTER
HMRC are actively targeting landlords who they know have undeclared rental income with a Prompted Let Property Campaign letter.
Throughout July and August 2018, in 2019 and again in 2020, HMRC sent the huge batch of ‘Let Property Campaign‘ letters to landlords and other buy-to-let investors with undeclared rental income.
WHO CAN USE THE LET PROPERTY CAMPAIGN
The Let Property Campaign is open to all residential property landlords with undisclosed rental income. This includes:
- Landlords with multiple properties
- Accidental landlords with single rental properties
- Holiday lettings
- renting out a room in your main home for more than the Rent a Room Scheme threshold
- Non Resident Landlords who live abroad or intend to live abroad for more than 6 months and rent out a property in the UK
PENALTIES FOR NOT DECLARING RENTAL INCOME
The rate of penalties will vary depending on your individual circumstances and whether you made a ‘unprompted’ or a ‘prompted’ disclosure. Interest will be charged from the date the tax is due till the date it is actually paid. Incorrect or incomplete disclosures may also attract higher penalties.
LET PROPERTY CAMPAIGN DEADLINE
No specific deadline has yet been announced to make a disclosure under the Let Property Campaign. Similar tax disclosure facilities such as the Liechtenstein Disclosure Facility have come to an abrupt end. HMRC then uses the information they hold to target those who should have made a disclosure but failed to do so. Those with undeclared rental income should make a voluntary disclosure as soon as possible to settle on the most favourable terms.
OVER £42 MILLION RECOVERED in 2018-19
An analysis of HMRC data has revealed over £42 million has been recovered from landlords with undeclared rental income in 2018-19, double the £21 million recorded in 2017-18.
HOW JEFFREYS HENRY CAN HELP YOU
- As one of the UK leading firms of Chartered Accountants and Tax Advisers, we have significant experience in dealing with voluntary tax disclosures and tax investigations
- Debbie Dolega and her team can advise on the best strategy to adopt
- Minimise potential penalties and interest
- Negotiate affordable repayment terms
- Cost effective, fixed and capped fee arrangements
- One of the UK’s leading property tax specialists and property accountants – we act for 100’s of BTL landlords, property developers, construction firms and one of the UK’s largest housing association
- Featured in Property Industry Eye, Letting Agent Today, Property Hawk and Landlord Zone
INTRODUCTORY MEETING
CONTACT US TO ARRANGE AN INTRODUCTORY MEETING, OR FOR A QUOTE.
DEBBIE DOLEGA
Partner - Personal Tax
Debbie is a Chartered Tax Adviser with over two decades of experience advising Private Clients with complex international tax affairs, including non-UK residents, non-domiciled individuals, trusts and personal investment companies.
ANDREW LEWIS
Senior Tax Manager
Andrew manages the firms personal tax department, including a portfolio of personal tax clients such as High Net Worth Individuals, Self Employed, Directors, Landlords, Non-Residents and Partnerships. Andrew also has significant experience in dealing with HMRC tax investigations and disputes including Section 9A enquires, the Worldwide Disclosure Facility (WDF), Code of Practice 9 and the Contractual Disclosure Facility.
DIANE HARPER
Tax Manager (ex-HMRC)
Diane has 38 years of experience in tax starting with 6 years at H M Revenue & Customs. She now manages a portfolio of 350 personal tax clients including high net worth individuals, Barristers, Self Employed, Directors, Non-Residents and Partnerships.
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