Shropshire landlords are being urged to come forward voluntarily and get help to put their tax affairs in order before their mistakes are discovered..
Martyn Bramwell our Tax Department Manager, has called on residential landlords to take advantage of a campaign run by HM Revenue and Customs.
“Anyone who owns a property that they rent out should be declaring their situation to HMRC, even if they are actually making a loss.
“And through the Let Property Campaign, our team can help landlords who owe tax through letting out residential property to put things right.
“Whether the property is in the UK or overseas, this amnesty gives landlords the chance to get up-to-date with their tax affairs in a simple and straight-forward way, and also allows the landlord to take advantage of the best possible terms.”
The campaign is specifically aimed at people who have undisclosed income from all kinds of properties, including: residential property; multiple properties; student accommodation; houses in multiple occupation; holiday lets; renting a room out in your own home; and anyone who lives abroad but rents out a property in the UK.
“Unlike previous campaigns run by HMRC, there is no cut-off date so it is likely the campaign will run for some time,” said Martyn.
“But it’s always better to approach an Accountant like Dyke Yaxley or HMRC at the earliest opportunity, rather than waiting for HMRC to uncover them – this way you’ll be able to put things right and negotiate terms that suit your individual circumstances.
“If you owe tax but can’t afford to pay it all in one go, HMRC may also allow you to spread your payments in order to repay the arrears.
“So even if your mistakes are due to a misunderstanding, take advice as soon as you can and an experienced Accountant will be able to help.”
Martyn Bramwell, Tax Manager