HMRC are running a Let Property Campaign giving the opportunity for residential landlords to bring their tax affairs up to date.
Any individual landlord renting out residential property can report previously undisclosed taxes on rental income under this campaign including:
• single/multiple/student property rentals
• renting out a room(s) in your main home for > £4,250 a year
• living abroad and renting out a property in the UK /living in the UK and renting a property abroad
• renting out a holiday home even used personally
The voluntary disclosure regime offers 3 months to calculate and pay the tax due and the opportunity to avoid significant penalties.
If you think you may be affected by this please do not hesitate to get in touch.