Is it time to get your accounts in order? If you’ve received a letter from HMRC about unpaid landlord taxes, now’s the time to act to avoid a hefty fine.
Need help disclosing your rental income? At the Property Tax Guys, our team of specialist property accountants and tax consultants can take the hassle out of your Let Property Campaign disclosure.
We’ll help you fill in any gaps in your income records, confirm which taxation costs you’re liable for, and process your disclosure and tax payments with HMRC quickly and securely for complete peace of mind.
All your accounting data will be handled in strict GDPR compliance throughout; and to help you stay on top of your tax obligations moving forward, you can also rely on us for ongoing tax advice, tax mitigation strategy and bookkeeping support. To find out more, call us on 0208 090 2604 or email firstname.lastname@example.org today.
What is the Let Property Campaign? It’s an initiative to combat property investment tax evasion and help residential landlords get their tax affairs up to date.
By telling the taxman about any undisclosed rental income and paying any taxes you owe via the campaign, you’ll benefit from reduced penalty rates (or potentially no penalties at all, depending on your circumstances).
If you can’t afford to settle your tax bill in one payment, the Let Property Campaign also enables you to spread the cost over multiple payment instalments. (Again, your access to flexible payments will depend on your individual circumstances.)
Not necessarily! Many landlords with undeclared income are anxious about coming clean to HMRC, fearing the potential consequences of avoiding their tax obligations.
You may not have even realised that you owed tax in the first place; especially if your property business hasn’t been making a profit, or if you’ve become an ‘accidental landlord’ by inheriting a buy-to-let from a relative or
Getting a letter from HMRC can be scary; but there’s no need to panic.
As long as you notify them of your intent to pay, disclose your financial affairs and pay the full amount owed within 90 days of your notification acknowledgement, you’ll avoid higher non-disclosure fines and – depending on your circumstances – you may not need to pay any penalties at all.