HMRC’s Let Property Campaign now covers up to the year ended 5th April 2021. With the year end passing you can now declare all of your previous rental income through the amnesty up to the 2021 tax year. The campaign allows landlords to declare up to 20 years of undeclared property income. Penalties will often…
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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…
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In a group of accountants this week one asked if they should use losses brought forward on a client who is declaring under the let property campaign. My answer is definitely YES! All landlords should declare their profits and Losses including those in the Let Property Campaign. The reason why?- Any losses left over can…
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