This campaign gives individual landlords the opportunity to bring their tax affairs up to date if letting out residential property in the UK or abroad. If you owe tax on your letting income you need to tell HM Revenue and Customs (HMRC) about the undeclared income by making a voluntary disclosure.
To get the best possible terms, you must tell HMRC that you wish to take part. You then have 90 days to calculate and pay what you owe.
You can’t use this scheme to declare undisclosed income if you’re a company or a trust renting out residential property or if you’re renting out commercial property.
If you should disclose but choose not to
HMRC is targeting tax evasion by residential landlords. They use information they have about property rental in the UK and abroad and other information they hold on customers to identify people who might not have paid what they owe.
If you don’t make a voluntary disclosure now and HMRC finds out later, you could get higher penalties or face criminal prosecution.
Please get in touch with Sue Stephens if you require any help or guidance on this matter.
