HMRC have launched the latest of their tax campaigns designed to allow taxpayers to voluntarily bring their tax affairs up to date. The latest let property tax campaign is targeted at landlords who un-paid tax on any rent received.
The opportunity to disclose any income and bring tax affairs up to date will be open for at least 18 months. If you come forward, you will still have to pay penalties and interest due but these will be less than if you don’t declare the income and HMRC find out.
After the amnesty has finished, HMRC will be using information that they hold from a variety of sources to track down undeclared income and non-taxpayers will face higher penalties and possibly criminal proceedings.
In all matters relating to undeclared income, it’s always best to “come clean” as soon as possible and bring your tax up to date. By making an unprompted disclosure, you will find that HMRC levy lower penalties and can bring things to a close quickly.
If you would like some help, or more information, why not look at our specialist landlord tax and accounts service or our un-declared income service. Alternatively get in touch and we can guide you in the right direction.