Do HMRC Know You Are Letting a Property?

HMRC are setting up a number of new taskforces as well as  a new campaign called the Let Property Campaign. This is aimed at taxpayers who have not declared income from residential lettings. HMRC estimate that up to one and a half million landlords may be underpaying up to £500 million in tax every year (though where they get that figure from we don’t know). The campaign will run until at least March 2015 and, unlike previous campaigns the opportunity to come forward voluntarily will remain open throughout the period of the campaign “to ensure as many people as possible have a chance to come forward”. If you are letting a property then let us know so that we can inform HMRC and manage the declaration process in order to minimise any penalty. Remember that HMRC have access to estate agents records and so  they are likely to catch up with you at some point.