Property landlords are being specifically targeted for tax evasion by Revenue & Customs. Their ‘Let Property Campaign’ is a scheme aimed at landlords who have either misunderstood the tax rules or may even have deliberately evaded paying tax.
The scheme commenced in December 2013 and continues to run.* It is intended to encourage property landlords to make voluntary disclosures to the HMRC regarding any undisclosed rental income. If you started to receive rent after 6 April 2014, you have until 5 October 2015 to register for self-assessment.
If you are a property landlord with holiday lettings, multiple properties, single properties or in particular student or workforce rental properties, HMRC will be focusing their attention on you. If you believe that you owe tax, this is an opportunity to come forward voluntarily. If you owe tax and do not come forward voluntarily you could face substantially higher penalties or even criminal prosecution.
The Let Property Campaign should not be confused with the ‘Property Sales Campaign’ which related to the sale of second properties and ceased in August 2013.
If you would like help in bringing your property taxation affairs up to date or require help in relation to any other aspect of your property income please contact Denise Macrow of the Wills, Trusts & Estates team at Cambridge solicitors Barr Ellison.
Disclaimer: While we do all that is possible in terms of ensuring its accuracy, this blog contains general information only. Nothing in these pages constitutes legal advice. You need to consult a suitably qualified lawyer from the firm on any specific legal problem or matter.
* Unlike previous campaigns, there is no disclosure window requiring you to disclose what you owe by a specific date.
[This article was updated in August 2015, having been originally published in January 2014.]