Accounting

Pocketing untaxed Rent?

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.

About Phoenix

Accountant | Tax Specialist | Mother | Entrepreneur | Blogger

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