Monthly Archives: September 2013

Forgotten to declare your income from residential property?

Are you a landlord who has letting income to declare to HMRC which you should have reported before?

Here is an extract from an announcement made by HMRC on 19th September 2013 under the heading “Tax opportunity for landlords to put house in order”:

“Landlords who rent out residential property, and fail to tell HM Revenue and Customs (HMRC) about all the rental income, are being offered the chance to come forward and put their tax affairs straight – before HMRC comes to them.

HMRC estimates that up to 1.5 million landlords in this sector may be underpaying up to £500 million in UK tax every year.

Under HMRC’s new Let Property Campaign, landlords who may owe tax – whether through misunderstanding the rules or deliberate evasion – can come forward and tell HMRC about any unpaid tax on rents, and pay what they owe, including any penalties and interest due.

The campaign is open to all residential property landlords – from those that have multiple properties, to single rentals, and from specialist landlords such as student or workforce rentals, to holiday lettings. HMRC will be working with a variety of bodies over the next few months to develop tools and guidance to support landlords of all types and help them get their affairs up to date.”

The gist of this is that if you come forward to pay your tax and any back interest, HMRC will not “throw the book at you” with regard to penalties. You will not avoid them, but you should take advantage. If they catch you first you will end up paying more.

Why not ask us to help you “bite the bullet” and pay what you owe? We will make the initial approach to HMRC, act as a “buffer” between them and you, and make sure you get as good a deal as we can get for you.

Of course the ultimate responsibility is yours, but we would love to help you take the weight off your shoulders so that you do not have to worry.

Call us now on 01702 205066 or email enquiries@lettingstax.co.uk

 

 

 

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Property Sales campaign

HMRC have posted on their website the following:

“The Property Sales campaign was an opportunity for you to bring your tax affairs up to date if you have sold a residential property, in the UK or abroad, that’s not your main home. If you made a profit on this type of property sale but have not told HM Revenue & Customs (HMRC), you might not have paid the right amount of tax.

To take advantage of the campaign you needed to send HMRC your disclosure and pay what you owed by 6 September 2013.

Now the deadline has passed, HMRC is using the information it holds to target those who should have made a disclosure and failed to do so.

If you think you should have made a disclosure under this campaign but have missed the deadline call the Campaigns Voluntary Disclosure Helpline now. It will still be beneficial to tell HMRC as the penalties you will pay may be lower than if HMRC approach you first.

If you would like us to help you approach HMRC to disclose the sale of a property which they should have been told about before, we will help you every step of the way and advise you in advance what tax and interest you will have to pay, as well as helping you in dealing with penalty issues.

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