At Marslands, I have been helping landlords come clean to HMRC for over 7 years now! In which we save the client money, I get paid and they have the peace of mind knowing they have come clean to HMRC.
The biggest thing I like to do is to change peoples lives! As an accountant its not very often that you can change peoples lives but I have found that with the Let Property Campaign I can!
You may be wondering how I do this. The main thing I do is by giving clients peace of mind and decrease their worries. Most landlords who contact Marslands by email, telephone or even LinkedIn and Facebook messenger all tend to have one thing in common, which is that they are worried.
They receive the letter which states that HMRC know about the property they have been renting out and will need to know more information about this with a 30-day deadline on the letter. This does scare many people who receive these letters. This is where Marslands come in to relieve this stress!
I have had some clients ask, “am I going to lose my job” and “will I go to jail”, both of which are very unlikely to happen. There are rules on fraud to do with carelessness which is the situation most undeclared landlords are in. Therefore, the Let Property Campaign was brought in, as it was to get everyone who is not in the system up to date and in the system.
Another question I get asked is “will my boss find out”. The answer to which is no unless you told them yourself! Marslands will not tell your employer as it is a personal tax issue, and everything between us and the client is confidential.
The question I get asked the most is “How much tax am I going to have to pay”. This is a difficult question to answer as it is the same situation as how long a piece of string is. As some clients may have 1 property for 4 years to declare while another client may have 5 properties with 20 years undeclared! This example is not normal, but I have had one client similar in the past.
The most common client is someone with 1 or 2 properties who have not declared them because they pay their tax via PAYE and did not realise that having a rental property requires a tax return to declare the income.
Do not panic! Although their will be tax to pay, that is why you employ us. We will work out the tax due and reduce it as much as possible. Such as our fees are an allowable expense. The reason this is one of my biggest passions, not just to charge you a fee is because I want to help clients get out of this situation to help change your lives.
Some clients even find out that they need to declare this income as they are applying for a mortgage as the mortgage company will ask to see your tax return after you inform them of the rental income you receive! Which is causes some clients an even bigger worry as they are scared this will affect their prospects of getting a mortgage and moving!
So, if you need help with the let property campaign, do not worry! Contact myself and my team on 01752 344582 or email firstname.lastname@example.org and we can help you through this to declare your income to HMRC!