We have recently reported that the HMRC Let Property Campaign was set to intensify, and this has been recently proved by the latest results from HM Revenue and Customs. As at 30th October 2014, just £7.8m had been recouped, but just three months later, as at 31st January 2015, this figure has significantly risen to over £20m.
It is an excellent result for HMRC after a slow start, and we expect the next 12 months will see a much greater increase.
If you are one of the thousands upon thousands of landlords who are yet to declare their rental profits to HMRC, now is the time to come forward, especially if you are yet to receive a “prompt” letter from HMRC, adversely affecting the penalty you will have to pay.
At present, the Let Property Campaign serves only to report undeclared profits up to and including the 2012/13 tax year, with the 2013/14 information needing to be reported via a self assessment tax return. We expect the 2013/14 tax year to be added to disclosures in around April/May 2015 time, but as yet, there has been no official confirmation from HMRC.
There is a wealth of further information available on our blog regarding the HMRC Let Property Campaign, and do feel free to review the links highlighted below. For any assistance with your disclosure, RITA4Rent will be delighted to guide you through the entire process, ensuring you are claiming all the expenses you are entitled to, maximising your chances of acceptance, and ensuring you are compliant moving forward.
For an initial consultation in confidence, please call 0800 1 22 33 57 or contact us via email by clicking here.