The HMRC is running a Let Property Campaign that gives individual landlords an opportunity to bring their tax affairs up to date.
If you owe tax on letting income, you need to make a voluntary disclosure before you get caught. If you don’t make a voluntary disclosure now and HMRC finds out later, you could get higher penalties and face criminal prosecution.
The Let Property Campaign only applies to individuals who are:
- renting out a single property
- renting out multiple properties
- renting out a room or more in their own home for more than £4250 a year
- living abroad and renting out a property in the UK
- living in the UK and renting out a property abroad
Get hold of the HMRC or contact us for assistance if the above applies to you. Remember, tax evasion is a crime.