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June 1, 2018
HMRC currently have various open disclosure opportunities for taxpayers who have not declared income and gains. One of those opportunities is the Let Property Campaign (LPC) which has been running since the Autumn of 2013. This is aimed at property landlords who have failed to disclose rental income to HMRC.
The LPC is open to all residential property landlords, whether they own just one single property or have multiple properties. HMRC are encouraging those taxpayers concerned to come forward voluntarily and contact them regarding this matter. Although a voluntary disclosure will still lead to a tax-determined penalty (usually between 10% and 20% of the unpaid tax), those who decide to take a chance by not declaring their rental income can face much higher penalties and even possibly a criminal conviction if HMRC contact them first!
HMRC are constantly obtaining information from various third parties concerning those who have undeclared income and are giving those concerned the opportunity to put their affairs in order. The LPC will not be around forever and therefore it would be wise to contact HMRC whilst the opportunity still exists.
HMRC’s Let Property Campaign hotline is 03000 514479 which is open between 9am and 5pm from Monday to Friday. However, we strongly recommend that professional advice is sought regarding this matter.
If you would like to speak to someone regarding the Let Property Campaign, or other undeclared income or gains, please contact:
Paul Gilman or Chris Moir on 0191 256 9500 or email firstname.lastname@example.org
June 1, 2018