Let Property Campaign & Disclosure to HMRC

The UK’s Let Property Campaign, is a campaign run by HMRC for individuals who have undisclosed income in relation to rents received.

The Let Property Campaign gives you an opportunity to bring your tax affairs up to date if you’re an individual landlord letting out residential property in the UK while your are overseas.

If you owe tax or not on your letting income you’ll need to tell HM Revenue and Customs (HMRC) about the income you haven’t declared by making a voluntary disclosure or by registering for the Campaign.

Should you owe tax to HMRC due to your undisclosed rents and to obtain the best possible terms or settling these liabilities, you must tell HMRC that you wish to take part in the campaign. Once registered you then have 90 days to calculate and pay what you owe.

Who can take part?

You can report previously undisclosed taxes on rental income to HMRC under the Let Property Campaign if you’re an individual landlord renting out residential property;

* renting out a single property

* renting out multiple properties

* a specialist landlord, eg student or workforce rentals

* renting out a room in your main home for more than the Rent a Room Scheme threshold (https://www.gov.uk/rent-room-in-your-home/the-rent-a-room-scheme)

* 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

You are not able to use this scheme to declare undisclosed income if you’re a company or a trust renting out residential property or if you’re renting out commercial property.

You may have become a landlord for many different reasons; you might not even think of yourself as one. This could be because you’ve:

* inherited a property

* just rented out a flat to cover your mortgage payments

* moved in with someone and need to rent out your house

You may have simply misunderstood the rules or been told differently.

Whether your errors were due to misunderstanding the rules, or you deliberately avoided paying the right amount, you should notify HMRC now rather than wait until they uncover the errors.

Should you wish to discuss further and take part in the Campaign or make a voluntary disclosure please call a GM Tax office local to you or submit an enquiry via our online enquiry form on our websites www.gmtax.com.au or www.gmexpattax.com