When declaring any previously undeclared property income to HM Revenue and Customs, it will always benefit you to tell them about any issues concerning your tax affairs rather than waiting for them to open a tax investigation. In the most serious cases, making the disclosure on a voluntary basis can be the difference between HM Revenue and Customs agreeing to a financial penalty rather than carrying out a tax investigation with the intention of issuing maximum fines and penalties. In addition, the financial penalties imposed by HM Revenue and Customs are reduced where there has been an unprompted disclosure.

HM Revenue and Customs look favourably on any taxpayers who come forward voluntarily. Not only are they more likely to accept the taxpayer’s explanations in circumstances where independent evidence is not available, but HM Revenue and Customs will also reduce the financial penalty they will seek as part of the final settlement. 

An added benefit for the taxpayer is that once a full disclosure has been made to HM Revenue and Customs, they will no longer have to worry about a letter arriving from HM Revenue and Customs opening a tax investigation. Following on from your unprompted disclosure to HM Revenue and Customs, taxpayers will have 90 days to submit the final offer declaration and pay the liability owed.

Key points under the Let Property Campaign

You are entitled to use this scheme if you are a residential property landlord with undisclosed taxes and any of the following apply:

Multiple properties

Single rents

Specialist landlords with student or workforce rentals

Holiday lettings

Renting out a room in your main home for more than the Rent a Room Scheme Threshold (£7500) or you’re thinking of living abroad for more than six months and are renting out your property in the UK.

Dury & Co are experienced in making voluntary disclosures to HM Revenue and Customs on behalf of clients.  We can review your circumstances to ensure that the disclosure you make is presented to HM Revenue and Customs in the best possible light to minimise your tax exposure.  We will ensure that your disclosure is dealt with in a professional manner to ensure that it is accepted by HM Revenue and Customs and matters are resolved quickly.

If you are considering making a voluntary disclosure under the Let Property Campaign to HM Revenue and Customs then please contact us for a free, confidential and no obligation discussion.  We are happy to have an initial meeting with prospective clients. Please contact us on 01275 852255 or email leon@ardury.co.uk.