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The Let Property Campaign by HMRC was introduced fundamentally as a disclosure process, enabling individuals such as landlords, to bring their tax affairs up to speed. So, it’s a service specifically for individuals who need to disclose any earnings or income they made from property – which is typically in the shape of undisclosed rental income on taxes.
If you’re someone who needs to disclose previously undeclared income from rental property, then the HMRC is giving you a chance to do so through their Let Property Campaign Disclosure Service. In most cases, you will receive a letter from HMRC, asking you to make a disclosure.
To quickly sum it up, here’s what the scope of the Let Property Campaign includes and doesn’t include:
The Let Property Campaign is open to property landlords with undisclosed taxes on rental income coming from residential property. This category of individuals includes:
- Those with a single property or more than one.
- Specialists landlords who specialise in student or workforce/office rentals.
- Those who specialise in holiday lettings.
- Those rending out a single room in their main residence for more than what the threshold for Rent a Room Scheme
- Those who have lived outside the UK or have the intention of living outside the UK for a period of over 6 months and plan to rent out property here (since they still have to pay taxes).
The Let Property Campaign is not open to:
- Landlords who are letting out commercial properties like shops, garages and lockups.
- Those who wish to disclose rental income on behalf of a company/trust.
- Those who jointly own property with their spouse or civil partner, although, in some cases, you may be able to determine if you can disclose unpaid taxes/rental income under the Let Property Campaign by going through this Let Property questionnaire.
