The Let Property Campaign has been launched by HMRC to target landlords and letting agencies. They have recently been issuing data-gathering notices warning landlords and letting agencies that a statutory notice is going to be issued for details of rents collected on behalf of landlords for the tax year ended 5 April 2013.
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 and Elite Financial Accounting are here to offer guidance through the process. Being Property Tax Specialists we have carried out extensive research into this new HMRC penalisation and will ensure you pay back the least amount possible.
Remember, once statutory notices are issued, letting agents will have 60 days to reply.Failure to comply with a statutory notice attracts an initial penalty of £300 and up to £60 a day for a continuing failure. Also, if you do not submit the correct information HMRC can charge a penalty of up to £3,000.
Does the Let Property Campaign Apply to Me?
The Let Property Campaign applies to the following:
- 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 £4,250 a year or £2,125 a year if letting the property jointly, ie above the Rent a Room Scheme threshold
- 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
If you are still not sure if the Let Property Campaign applies to you, please contact us today explaining your situation today and we will be happy to advise you.
Elite Financial Accounting is a property specialistaccountancy firm that can help get your affairs up to date with HMRC, making sure you pay back the smallest amount of tax legally possible. We will initially access your situation, make some basic calculations, and discuss your options moving forward. We can also liaise with HMRC on your behalf and deal with their correspondence giving you peace of mind that everything is handled correctly and you don’t incur any unnecessary fines or fees.