Happy New year everyone! I managed to take a few days off last week, but it seems HMRC haven’t!
In the 3 days between Christmas and new year, Marslands received 3 new enquiries from landlords who have not been declaring their property income. In two days, this is a record for Marslands!
One of the striking questions about this is that HMRC are not just approaching landlords through the let property campaign but using their enquiry facilities to raise enquiries with landlords through different departments.
When enquires are made this could mean higher penalties for landlords and we encourage landlords to come clean sooner rather than later as if we can get you in the let property campaign there are many benefits such as: 1. Much less paperwork 2. Much less stress and 3. A better penalty position which should be to the advantage of the taxpayer.
So yes, HMRC are still out there looking for missing landlords and it is so much better if you go to them before they come to you.
There is a definite misunderstanding with the public to what that means, so it is vital that people understand that you need to come forward to the let property campaign officially, not to try and do it through the self-assessment system. Self-assessment will only work if you have had a property since the 6th April 19, prior to that date you will need to use the let property campaign.
Michele Marsland, 5th January 2021