HMRC Let Property Campaign
The HMRC Let Property Campaign (LCP) is an ongoing long-term VOLUNTARY campaign aimed at landlords with undeclared rental profits and is designed to give them a chance to bring their tax affairs up to date, by coming forward voluntarily and reporting fully all undeclared rental income, paying all tax and interest due and offers more favourable penalties.
HMRC have been compiling information on UK landlords for many years from various sources such as letting agents, the Land Registry, council records, the voters lists and other government departments.
However, the campaign rules are complex and the disclosures needed have to be filed online using the HMRC website and their Digital Disclosure Service (DDS). All disclosures come with a health warning that ‘False Statements Can Result in Prosecution’, so you only have one chance to get it right or HMRC will intervene!
If you have undeclared rental profits, and you have not received a letter, you should come forward before HMRC comes to you.
If HMRC write to you, your enquiry is classed as prompted and you cannot use the LPC (unless HMRC have offered you that chance).
If you come forward first by using the LPC your disclosure is unprompted and reductions in penalties are available.
The HMRC Let Property Campaign can be a minefield, and most taxpayers need guidance to complete the lengthy process and obtain closure quickly.
Lindsay will give you a free overview on the phone and her FIXED prices for this type of work are more than competitive.
A phone call is the best way – with ‘nothing ventured, nothing gained’ you will find Lindsay very approachable, practical, knowledgeable, helpful and never judgemental. Whatever you decide you will go forward with more information, peace of mind and ‘forewarned is always forearmed’ and everything is in complete confidence. And no, you are not going to jail!
Call 07879 464 577 at any time, but often a quick text, or contact on email or in the calendar first, ensures we both have time to devote to hearing your story and fears.
