Following a Freedom of Information request by This Is Money, the following was ascertained:
- 5,429 landlords did not declare enough income tax in 22/23, an annual increase of 83%
- £33 million was clawed back from these landlords, an annual increase of 73%
- Landlords were also fined £2 million, yet another annual increase of 53%
You can read the full article via the following link:
So Stopfords simple question is, do / did you receive any type of rental income but have not told your us or disclosed it on the self-assessment tax return that you complete personally?
If not, now would be a good time to use HMRC’s “Let Property Campaign”.
Why should you use the Let Property Campaign?
The answer is simple it is better to make a disclosure through the Let Property Campaign, than HMRC contacting you due to the penalty regime now in force. If you make a disclosure, there is a much better chance that penalties can be reduced and / or in some cases mitigated altogether.
Remember rental income includes both UK and Foreign income.
If you believe that you fall within this category, please speak to either Tricia or Tim in the tax team, who can then guide you through the necessary stages.