Accounting for your rental income
Our business partners Accounts Center Associates Limited can assist you with declaring your rental income to HM Revenue & Customs.
The Let Property Campaign
HM Revenue & Customs (HMRC) believes that its customers want to pay the right amount of tax and so wants to help those that are not paying the correct amount to put that right.
The Let Property Campaign is an opportunity for landlords who owe tax through letting out residential property, in the UK or abroad, to get up to date with their tax affairs in a simple, straightforward way and take advantage of the best possible terms.
If you’re a landlord who has undisclosed income you must tell HMRC about any unpaid tax now. You will then have 3 months to calculate and pay what you owe. This guide explains how you can do that.
The scope of the Let Property Campaign
The Let Property Campaign is an opportunity open to all residential property landlords with undisclosed taxes.
- Those that have multiple properties
- Landlords with single rentals
- Specialist landlords with student or workforce rentals
- Holiday lettings
- Anyone renting out a room in their main home for more than £4,250 per year, or £2,125 if the property was let jointly, but has not told HMRC about this income
- Those who live abroad or intend to live abroad for more than 6 months and rent out a property in the UK as you may still be liable to UK taxes
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