Unlike many historic HMRC campaigns, the Let Property Campaign (LPC) has not got a date by which HMRC will close it so it is no longer available.
The LPC is a way for anyone who has income from letting out a residential property to put their tax affairs in order.
To participate in the Let Property Campaign an individual must have rental income to declare to HMRC. Most people do not notify HMRC of the fact that they have rental income as often by the time the costs and mortgage have been deducted from the rental income there is little if any profit and before the dramatic fall in interest rates in 2008 this was generally the case. People are not aware that regardless of whether they make a profit or not then rental income needs to be declared to HMRC and the person should have registered for self-assessment and declared the profit (or loss) on their tax return.
The LPC is not just about putting an individual's tax affairs right relating to the rental income. There must be rental income to take part in the Let Property Campaign but the campaign must also declare any other undisclosed income. Thus if someone who is self-employed has also not declared all of their income from self-employment they should use the LPC to regularise all of their tax affairs.
Read more about the Let Property Campaign.
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Our firm of tax advisors specialise in resolving people's problems with HMRC. We have extensive expertise in dealing with all forms of tax investigations and tax disputes as well as with taking matters to the Tax Tribunal where agreement cannot be reached.
We deal both directly with the individual who is under enquiry and also work with many firms of accountants supporting them in dealing with HMRC disputes and advising them on how to handle HRMC to get the best result.
The fact is that proper management of HMRC is the best way of reducing the tax, interest and penalty as well as the time taken in resolving any tax dispute.
Our expert team are none judgemental and rigorously defend your position within the scope and parameter of the law. We take control and manage the process to minimise the interruptions that any form of tax investigation causes to an individual's life and business."