Get your records ready, register, and declare your rental income! Private landlords are in the crosshairs, but HMRC wants to work with landlords first…but act fast, because the olive branch could soon turn into fines. Find out more about the Let Property Campaign.
The Let Property Campaign is an opportunity for landlords to come forward and declare any past undeclared rental profit. A short video from Property Tribes and RITA explains the importance of the scheme. Self-employed landlords have also been advised to keep their records in order and use HMRC tools to ensure they are declaring appropriately.
All landlords MUST be aware of the HMRC Let Property Campaign. Such is the message from landlord online forum guru Vanessa Warwick of Property Tribes, and Michael Wright from the Rental Income Tax Advisors (RITA) group.
Michael and Vanessa discuss the current context of the situation and emphasise that landlords are being monitored through various avenues to discover landlords that are not declaring their rental incomes…letting agents may provide details, the land registry is being used, and even social media streams are being studied! Be warned, landlords are starting to be named and shamed by the HMRC.
The message from the RLA, RITA, and Property Tribes is strong as it is clear: You do need to get your property rental income tax affairs in order, because HMRC is on the warpath!
Help is available
While it is in all seriousness that we report the Let Property Campaign, it is not without assistance from the HMRC. The RLA want to make it clear, that this is an incredibly important process to put yourself through…however, be sure to speak to tax specialists (such as RITA4RENT) beforehand to ensure that you do not over pay!
The following links will help guide you through the process of dealing with HMRC:
- HMRC – Let Property Campaign
- Check if you need to fill in a Self Assessment tax return
- Find out how to register with HMRC
- Of course, good record keeping is essential
- HMRC guidance: Keeping records for business – what you need to know
It is imperative that you declare where appropriate. However, repairs and other improvements can often offset tax payments. This is why talking to a specialist is crucial. Have your records in order, be transparent, and be warned: HMRC is taking this incredibly seriously. As should you.