HMRC had been clawing back billions from many unreported rental incomes through the Let Property Campaign. If you earn from letting your property, do not wait for HMRC to send you a nudge letter. If you disclose your income before HMRC gives you a prompt, you will have far better chances of avoiding complications. For this matter, Google Let Property Campaign Accountant near me, and you will find the most reliable tax accountant in the UK, Legend Financial. See for yourself how quickly and efficiently we sort out your tax affairs!
It is either you voluntarily disclose your rental income through unprompted disclosure or HMRC will investigate your overall tax liability for fiscal fraud. For this reason, the Let Property Campaign HMRC implemented as an income disclosure initiative for landlords has been very effective. Save yourself from tax filing hassles and join our massive number of satisfied clients today! Entrust the disclosure process with Legend Financial.
The Let Property Campaign or LPC is HMRC’s initiative to get residential property landlords to disclose their taxable profit and pay the right amount of tax.
Deliberate non-disclosure or underreporting of rental income may attract heavier penalties from HMRC. However, if the landlord can prove that it may be due to carelessness, any penalties at large may be appealed against and curbed.
The penalty rates depend on the landlords’ behaviour—whether deliberate, non-deliberate, and deliberate and concealed. Unprompted disclosures attract lesser fines than when prompted by HMRC.
The investigation can go back from four to twenty years, depending on the cause of the behaviour.
The Let Property Campaign was implemented last Autumn 2023 and had since then been effectively clawing back unpaid taxes from rental income non-disclosure.
Don’t miss our future updates! Get Subscribed Today!
© Legend Group. All Rights Reserved. Powered by Legend Digitech