Are you a resident or non-resident property landlord?
HMRC’s Let Property Campaign continues to target landlords across the UK who may have failed to declare income from property rental.
There has been a rise in properties coming on to the market while landlords await the right asking price, but during what can be a traumatic time and a roller-coaster journey for sellers, it is easy to forget that the income earned from property rental is also taxable – leaving you vulnerable to HMRCs legislation.
If you are letting property whether as a business, or to bridge the gap while you await the sale price you’re after, you are required to make a disclosure of your rental income to HMRC, you can find out how you go about making a disclosure here
By making the disclosure under the Let Property Campaign, you are able to negotiate the best possible payment terms of your tax liabilities with HMRC and be given 90 days to calculate and pay the amount owed. Note that calculation and payment is required with the 90 day term, late payment will as always with HMRC inevitably lead to penalties.
Am I eligible?
Firstly are you an individual landlord renting residential property?
Do any of the following apply to your rental situation? This includes but is not exhaustive to;
• Those renting out single properties
• Those renting out multiple properties
• Those letting a room in their house which is above the ‘rent a room’ scheme threshold.
• Those renting out a holiday home, even if you use it yourself!
• Those living overseas and renting out a UK property
• Those living in the UK and renting out a property overseas
Throughout September, Avanti are focussing on property and how we can assist landlords with all areas of applicable taxation. So if you feel that you may be liable for tax due on rental income under the Let Property Campaign, so why not give us a call and see how we can help you. We can offer you a free no obligation consultation.
With 90 days from disclosure to payment due, do you have time to waste?