Let Property Campaign
The Let Property campaign: what is it?
The Let Property HMRC campaign is a scheme that aims to encourage relevant individuals – landlords and other recipients of income from property rentals – who have mismanaged their tax affairs to come forward. Those who are willing to participate in the campaign will incur lower-than-usual penalties for any undisclosed landlord tax.
Who will it affect?
All residential property landlords are eligible to take part in the Let Property campaign. Relevant individuals include:
- Landlords with single or multiple rentals (including specialist lettings – student accommodation, for instance).
- Individuals who own a number of properties (including those who live abroad but let out a property in the UK – in some instances these individuals are still liable for UK taxation).
- Individuals receiving income from property lets.
- Individuals who host guests in their home as part of the ‘Rent a Room Scheme’ and have received income exceeding the tax-free threshold.
How can we help?
At IBISS & Co, we understand that for many, the pressures of running a business are all-consuming – worrying about tax is a hassle we could all do without! Furthermore, if you are receiving a second form of income from a property rental, or are managing multiple properties as a landlord, it can be difficult to stay on top of the latest tax legislation and all too easy to fall behind with your business accounting. Often the simplest of mistakes can result in a person owing tax without realising it.
We are here to help with anything to do with landlord tax – from the Let Property HMRC campaign to general property tax. Our expertise in and experience with business accounting means that we will not only help you to manage your tax liabilities – declaring previously undisclosed income or altering a past return, for instance – but also reduce the amount you need to pay. In addition, we will work closely with you to ensure that your business remains compliant going forward.
If you are concerned that you owe tax to HMRC, an IBISS & Co accountant will be happy to help, guiding you through the Let Property campaign process (as follows):
Calculations. To prepare for the Let Property campaign disclosure (see below), your IBISS & Co accountant will review historical financial information (from tax returns to bank statements), preparing rental accounts and calculations to prepare you for any potential penalties.
Disclosure. This is the point at which HMRC are notified about any gains or undeclared income. The IBISS & Co team will take great care over this part of the Let Property campaign and ensure that every detail is right, as a declaration will need to be signed at the end of the disclosure confirming that the form is both complete and correct. Failing to disclose everything at this stage will result in punitive action (in extreme cases, criminal charges could be brought against you), so it’s vital to work closely with your chosen accountant to ensure that the information submitted is clear and correct. IBISS & Co’s expert guidance will ensure that you will be in safe hands during this important phase.
Review. Once your form has been submitted, the information will be reviewed by HMRC and your disclosure will be accepted or rejected following their checks. IBISS & Co will discuss the next steps with you, utilising our considerable skillset to make sure that you do not pay any unnecessary charges, and formulating a strategy to deal with any undeclared income and ensure that you are protected in future.
At IBISS & Co, we know how stressful business accounting can be – and how easy it can be to fall behind with your financial management. With this in mind, our top priority will be to ensure that your affairs are handled with the utmost care and consideration, allowing you to focus on running your business. To learn more, or to book a free consultation a qualified accountant, don’t hesitate to contact us today.