Although the HMRC campaign will be directed at all residential landlords, HMRC is particularly focusing on:
When the Let Property Campaign was announced by HMRC recently, the lack of supporting detail was noticeable. In the past, the launch of a campaign would be accompanied by a clear timetable of action and a raft of information on the HMRC website. Campaigns involving the declaration of previously undisclosed income/over claimed expenditure have typically required the completion of an online notification form by a certain date and the complete disclosure and full payment of additional tax/interest/penalty by a secondary date.
Efforts are now being made to get an online disclosure notification link and, apparently, a separate team of HMRC officers is also being brought together to handle this campaign. Until the link is available, HMRC is handling any such disclosures manually.
The current procedure is:
The procedure outlined above can be followed at any time if someone wishes to make a voluntary disclosure of income to HMRC, in order to secure a beneficial penalty rate.
However, disclosures will not be accepted if:
By David White, Partner, Charterhouse, based in Beaconsfield
