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Owning rental property can be a great way to bring in extra cash. But if you’ve fallen behind on your taxes, HMRC’s Let Property Campaign could be your way to get back on track.
The scheme is created to help landlords who’ve underpaid tax on rental income come clean without facing the harshest penalties. And with HMRC cracking down harder than ever, now’s the time to sort it out before they come knocking. Here’s what you need to know.
What Is the HMRC Let Property Campaign?
The Let Property Campaign is a voluntary initiative that allows landlords to disclose unpaid taxes on rental income — it can be from residential properties, holiday lets or even renting out a room.
If you’ve:
· Forgotten to declare rental earnings
· Claimed expenses you weren’t entitled to
· Miscalculated your tax bills
…this scheme gives you a chance to settle up with HMRC on better terms.
Why Should You Come Forward Now?
HMRC has ramped up its efforts to track down landlords who haven’t paid the right tax. With access to letting agency records, tenant deposits, and even Airbnb data, they’re finding discrepancies faster than ever.
If you voluntarily disclose what you owe, you’ll:
· Pay lower penalties (sometimes as little as 0-20% instead of up to 100%)
· Avoid public naming as a tax cheat
· Spread repayments if you can’t afford a lump sum
But if HMRC catches you first, the fines shoot up — and in serious cases, you could face prosecution.
How Does the Settlement Process Work?
1. Notify HMRC – You’ll need to tell them you want to use the scheme.
2. Calculate What You Owe – This includes unpaid tax, interest, penalties.
3. Submit Your Disclosure – Fill in the forms honestly and in full.
4. Pay Up – You’ll usually get 90 days to settle but payment plans are possible.
The longer you leave it, the riskier it gets.
What If You Can’t Afford to Pay Straight Away?
HMRC understands that big tax bills can be a shock. If you’re struggling, you can often set up a Time to Pay arrangement, spreading the cost over months or even years.
But don’t ignore it: that’s when things get messy.
But don’t ignore it -- that’s when things get messy.
Conclusion
If you’ve been putting off sorting out your rental taxes, the HMRC Let Property Campaign is your best shot at fixing things with minimal fuss. The scheme’s been around for years, but with enforcement tightening, delaying could cost you.
Need help navigating the process? A tax advisor can guide you through your disclosure and even negotiate with HMRC on your behalf.
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