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Do you have undeclared property income? Have you had a HMRC letter? Marslands are specialists in HMRC’s Let Property Campaign and will help bring you up to date with your property tax!
In our experience most clients estimate the tax to be much more than it actually is, so please don’t worry!
HMRC continue to send letters to landlords to see if they receive property income. If you receive one of these letters, do not worry! You have 30 days to contact the Let Property Campaign then a further 3 months for us to complete the work.
At Marslands, we deal with your HMRC disclosure. We let you know what we need to complete your claim and chase you regularly to ensure the deadline is met. We keep you up to date with your disclosure and discuss changes along the way.
We are experts in the Let Property Campaign and have helped many landlords get up to date since the Let Property Campaign started over 7 years ago. Using our knowledge and expertise we help you claim the maximum amount of expenses that you can for each undeclared year. So far this year we have helped our clients save on average over £3,000 each.
We have helped many landlords in the same situation as you and many were worried about losing their job, going to prison or losing their home – we are pleased to say none of this has happened! On average, we help 1 landlord a month get up to date with their property income.
At Marslands we will also help you decide which penalty rate most suits your circumstances – there is a lot of difference between 0 and 100%!
The earlier you come forward to HMRC the less you will need to pay! If you contact them before they catch you, the penalty rates are lower.
If you want to make your disclosure please visit HMRC https://www.gov.uk/government/publications/hm-revenue-and-customs-disclosure-service
If you are a business or property owner who needs help with your accounts
CALL 01752 344582 or email firstname.lastname@example.org
The Let Property campaign is a HMRC amnesty which allows landlords to “come clean” in disclosing their rental income and get their taxes up to date.
On the 22nd July 2021 shadow equalities minister, Charlotte Nichols asked the Financial Secretary to the Treasury Jesse Norman if HMRC would be given further resources to pursue these ‘missing’ landlords rather than rely on them to voluntarily disclose.
Jesse Norman answered this on the 10th September stating “The government is committed to reducing non-compliance in the tax system among all taxpayers”. We think this means HMRC will continue to INCREASE their efforts to find undeclared landlords.
We have found in recent years that more and more landlords are receiving letters from the Let Property Campaign prompting them to come forward. If you haven’t received one yet act fast as coming forward voluntarily entitles you to LOWER penalty rates!
In Jesse Norman’s statement he also mentioned that “HMRC’s Let Property Campaign has prompted approximately 58,000 additional disclosures and raised an estimated £254 million”. This a huge amount but we believe is only the tip of the iceberg as many landlords are contacting us daily who need to come forward and disclose to HMRC.
It has become known that in the 2020/21 tax year only £17 million was received by HMRC through the let property campaign compared to the previous year which was almost double at about £34 million received. This was discovered through a Freedom of Information request by Saffery Champness.
We don’t know when or if the Let Property Campaign will cease but if the figures were to continue to drop then this may be considered by Government. Coming forward without the Let Property Campaign would most certainly have harsher penalties and be more complicated so if you are or know a landlord who hasn’t declared their rental income make sure to come forward to HMRC as soon as possible and before they contact you.
If you or somebody you know needs help with this then contact Marslands on 01752 344582 or email email@example.com.