HMRC let Property Campaign
HMRC believe that its customers want to pay the right amount of tax and wants to help those that aren’t paying the right amount to put that right.
The Let Property Campaign is an opportunity for landlords who owe tax through letting out residential property,panerai replica watches to get up to date with their tax affairs in a simple, straightforward way and take advantage of the best possible terms.
If you are a landlord and you’ve undisclosed income you must tell HMRC about any unpaid tax now. You’ll then have 90 days to calculate and pay what you owe.
The Digital Disclosure Service (DDS) gives individuals and companies a chance to bring their affairs up to date in a simple, straightforward way.
The DDS can also be used by individuals and companies who have a disclosure to make about:
- Income Tax
- Capital Gains Tax
- National Insurance Contributions
- Corporation Tax
Examples include a business that hasn’t declared all of its income or a business that’s trading and hasn’t registered with HMRC for one or more taxes.
Why you should disclose
It doesn’t matter why your tax affairs are wrong,Replica Audemars Piguet Watches it’s better to go to HMRC and admit any failures or inaccuracies rather than wait until they contact you.
HMRC is currently increasing its targeted compliance activity across all landlord types and will start to identify who they consider may not have declared all their rental income.
How to notify and disclose
You must tell HMRC that you intend to make a disclosure. You need to do this as soon as you become aware that you owe tax on your letting income and other undisclosed income.
At this stage, you only need to tell them that you’ll be making a disclosure. You don’t need to give any details of the undisclosed income or the tax you believe you owe.
Prepare your disclosure
Depending on your circumstances this could be simple or complicated and you may want to seek independent professional advice.
Although you have 90 days from the date of your notification to make your disclosure, HMRC recommends that you start gathering together your information and records as early as possible..
You’ll need to work out the total rental income for each year you’ve previously failed to tell HMRC about. Once you’ve calculated the additional rental income you need to disclose you’ll need to work out how much tax you owe on that income.
Other income you should include in your disclosure
Include all the income you haven’t told HMRC about before in your disclosure. This may include:
- Earned income
- Investment income
- Capital gains made on the disposal of property, business, stocks, bonds, good will etc
- Employer tax
- Inheritance tax
- Trust income