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Residential landlords given chance to settle unpaid tax

HMRC are giving Residential Landlords, who fail to disclose all their income, the chance to settle any unpaid tax, including any penalties and interest due.

The Let Property Campaign will run for at least 18 months and covers all residential landlords including those with single or multiple properties, holiday lettings and student or workforce rentals. Advice and support will be available to landlords, and those declaring unpaid tax voluntarily would receive the best possible terms.

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
 “HMRC claim that Landlords who may owe tax whether through misunderstanding the rules or deliberate evasion, owe an estimated total of £500 million in UK tax every year. But with this scheme they can declare and pay what they owe.”

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 use information it holds about property rental in the UK and abroad, along with information already held on HMRC‘s digital intelligence system Connect, to identify people who have not paid what they owe. For those that fail to come forward, higher penalties – or even criminal prosecution – could follow.

If you need any help and advice on the implications of Property Ownership, Letting and Taxation, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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