The Let Property Campaign is what HMRC describes as the \u201copportunity\u201d (take that as you will) for landlords to disclose their rental property earnings to get themselves up to date with tax affairs. <\/p>\n\n\n\n
Basically, this means that if, as a landlord, you\u2019ve not declared your rental income to HMRC before (and therefore you\u2019ve not paid tax on it), this is your opportunity to do so with only minor ramifications.<\/p>\n\n\n\n
In the UK, there are roughly 1.5 million landlords. But only 500,000 of those are listed on HMRC\u2019s books. That\u2019s a big discrepancy – and in the current climate, debts are being collected to urgently raise funds to cover what we\u2019ve lost in the pandemic.<\/p>\n\n\n<\/div> \n\n
HMRC data showed that the highest concentration of undeclared rental income occurred in the three following regions:<\/strong><\/p>\n But in reality, the Let Property Campaign scheme has actually been active since 2013. Since then, HMRC have been sending out batches of what are known as nudge letters. They, as you might expect, nudge you to get your act together and to pay the taxes that you owe.\u00a0<\/p>\n\n\n\n And HMRC\u2019s tentacles are far reaching. The scheme applies to you whether you rent residential property in the UK or further afield overseas. If you get one of these letters, you\u2019re given 30 days to get in contact with HMRC and three months to get the taxes you owe paid. <\/p>\n\n\n\n Part of the reason that we have a big discrepancy between declared landlords and actual landlords is not that tax evasion is popular among property tycoons, but that not everyone identifies with being a landlord.<\/p>\n\n\n\n\n
What counts as a residential property?<\/h2>\n\n\n\n