HMRC has launched The Let Property Campaign which gives buy-to-let and private landlords the opportunity to settle and regularise their tax affairs on favourable terms and affordable payment plans.
Taking up of the campaign and coming forward to make a voluntary disclosure has been strongly recommended by HMRC for private landlords with undeclared rental income.
HMRC says: “If we have written to you about your let property income and you have not already made a voluntary disclosure, your disclosure will be treated as 'prompted' and you will not receive the same favourable conditions.”
Regarding penalties, HMRC adds: “The rate of penalties will vary depending on your individual circumstances and whether you made a 'unprompted' or a 'prompted' disclosure. Interest will also be charged from the date the tax is due till the date it is actually paid.”
HMRC has said in most cases it will go back six years; however the law allows them to go back up to 20 years.
Comments