Landlords who fail to tell HM Revenue & Customs (HMRC) about the income they receive from letting out residential property in the UK or abroad, could face hefty penalties, or even a prosecution. HMRC suspects there are up to 1.5m landlords at risk of under or non-declaration of profits arising from rental income, with over &550m tax at risk.
HMRC have The Let Property Campaign which features tools and guidance for landlords to check their rental or letting income is calculated correctly. Landlords must make sure they follow the correct procedure when it comes to declaring rental income, to avoid any tax issues.
HMRC wants to help and support landlords get things right and an e-learning course on letting property can be found at by clicking here.
Any landlords who haven’t told HMRC about rental income, or haven’t declared the correct amount, should refer to the guidance at from the gov.uk website by clicking here or alternatively call the Let Property campaign helpline on 03000 514 479.