Basically the campaign provides an opportunity for landlords who owe tax from letting out residential property to get up to date with their 
tax affairs in a simple, straightforward way. However it is still worth taking professional advice before approaching HMRC.
Bedrock can help you liaise with HMRC and regularise your tax position. Once we’ve notified HMRC of your intention to so, we will work with you to make the disclosure to HMRC. We’ll have 90 days to submit your disclosure from the date of notification.
The Let Property Campaign is an opportunity that is open to all residential property landlords with undisclosed taxes.
You can use this disclosure facility if you:
- have multiple properties
- are a landlord with single rentals
- are a specialist landlords with student or workforce rental
- own holiday lettings
- are renting out a room in your main home for more than the Rent a Room Scheme threshold
- those who live abroad or intend to live abroad for more than 6 months and rent out a property in the UK, as you may still be liable to UK taxes
This campaign is not open to landlords who are letting out non-residential properties such as a shop, garage or lock up. It also cannot be used by those wishing to disclose income on behalf of a company or a trust.
What’s in it for you:
- there is no disclosure ‘window’ and therefore no requirement to disclose what you owe by a specific date
- however, those that delay risk higher penalties
- the campaign offers the best possible terms to regularise your tax position
- you may be able to spread your payments if you cannot pay in one lump sum
- if you made a careless mistake on your tax returns you will only be liable for 6 years no matter how many years you are behind with your tax affairs
If you do not come forward and HMRC finds at a later stage that you are behind with your tax it may be harder to convince them that it was a simple mistake. The law allows HMRC to go back 20 years and in serious cases they may carry out a criminal investigation.
If you do not know whether you need to disclose unpaid taxes under this campaign, please give us a call and Bedrock can help you. If you make a full and voluntary disclosure of all unpaid liabilities using this facility you can usually expect a lower penalty than HMRC would typically apply if they raised an enquiry or compliance check without the disclosure.
This is an opportunity to stop worrying about your tax position and get your affairs in order.
You can still make a disclosure and put your tax affairs in order even if you are not within the scope of the Let property campaign.
