HMRC targeting property income

Avanti Group (UK) Ltd. explain how failing to declare an income from property rental, could result in an HMRC  investigation as part of their ‘Let Property’ campaign.

With a rise in properties coming on to the market while landlords await the right asking price,  it is easy to forget that the income earned from property rental is also taxable.

If you are letting property, whether as a business, or to bridge the gap while you await the sale price you’re after, you are required to make a disclosure of your rental income to HMRC.

By making the disclosure under the Let Property Campaign, you are able to negotiate the best possible payment terms of your tax liabilities with HMRC and be given 90 days to calculate and pay the amount owed.

Am I eligible?

Are you an individual landlord renting residential property? Do any of the following apply to your rental situation?

This includes but is not exhaustive to:

• Those renting out a holiday home, even if you use it yourself!
• Those living overseas and renting out a UK property
• Those living in the UK and renting out a property oversea
• Those renting out single properties
• Those renting out multiple properties
• Those letting a room in their house which is above the ‘rent a room’ scheme threshold.

Throughout September, Avanti will be focusing on property and how they can assist landlords with all areas of applicable  taxation.

If you feel that you may be liable for tax due on rental income under the Let Property Campaign, give Avanti a call for a free, no obligation consultation.

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