Ongoing tax campaign for Landlords
Just to remind you that HMRC have an ongoing campaign in relation to giving landlords the opportunity to bring their tax affairs up to date. Under the Let Property Campaign, you can report previously undisclosed taxes on rental income to HMRC, if you’re an individual landlord renting out residential property.
If you are renting out a single property or multiple properties a specialist landlord, eg student or workforce rentals renting out a room in your main home for more than £4,250 a year or £2,125 a year if letting the property jointly, ie above the rent a room scheme threshold 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 if you use it yourself ,then you fall into this Campaign, but not if you are a company or a trust renting out residential property or if you’re renting out commercial property.
After completing HMRC ‘notification of disclosure’ forms the landlord will have three months to settle the tax liability, to avail of the best terms in relation to penalties.
HMRC are also offering an online course to Landlords so that they can become familiar with their obligations in relation to rental properties (record keeping, registration for self assessment etc), as well as guidance on what expenses can be claimed. You could find out more by copying the link below into your internet browser;-
This article was written by Bright Mortgages