HMRC continue to send out letters to landlords who have undeclared rental income. We have been approached by clients who have received these letters and are in the process of preparing a full disclosure to HMRC. The letters give the landlords an opportunity to make a full disclosure for all the years where the rental income was not declared. This letter is a form of a tax investigation that is being started but giving the landlord the opportunity to make a disclosure. If the letters have come from HMRC and no prior contact\/ disclosure made by the tax payers, the penalties are higher as this will be treated as a prompted disclosure. Churchill Tax Advisers have previously written a technical article on the Let Property Campaign and landlords with undeclared income should consider making a voluntary disclosure of undeclared income without further delay. HMRC currently have access to very powerful data collection methods through their CONNECT system and all landlords with undeclared rental income are ultimately likely to be caught through a formal tax investigation.<\/p>\n
The Let Property Campaign has been going on for a number of years now. Initially there were rumours that HMRC were going to close this campaign. However, HMRC have subsequently confirmed that this campaign is ongoing and there is no set closing date.<\/p>\n
If you would like to make a disclosure of undeclared rental income, contact us for a free confidential consultation.<\/p>\n","protected":false},"excerpt":{"rendered":"
HMRC continue to send out letters to landlords who have undeclared rental income. We have been approached by clients who have received these letters and are in the process of preparing a full disclosure to HMRC. The letters give the … Continue reading