Landlords: Take Note of HMRC’s New Campaign
HMRC has launched a new campaign targeting landlords who may not have declared rental income on their Self Assessment tax returns. The initiative, dubbed the “One to Many” letter campaign, urges recipients to either make a disclosure through HMRC’s online disclosure portal or confirm that no disclosure is necessary.
If you’re a landlord or suspect you may have omitted rental income from your tax return, Wilson Nesbitt’s Tax Director Liam Coulter is here to help;
Why Address This Now?
Failing to act promptly could result in serious financial penalties, interest charges, or even criminal prosecution. Even if you haven’t received a letter but are concerned about potential discrepancies, taking proactive steps is always in your best interest.
What Is a Voluntary Disclosure?
A voluntary disclosure allows individuals and businesses to rectify their tax affairs and reduce penalties before HMRC takes action. This process is often more lenient and can provide peace of mind by addressing issues like:
- Corporation Tax
- Income Tax
- Capital Gains Tax
- National Insurance Contributions
The Digital Disclosure Service (DDS) simplifies the reporting process for undeclared taxes and is one of several disclosure methods available, including:
- Let Property Campaign (specific to landlords)
- Cryptoasset Disclosure Process
- Worldwide Disclosure Facility
Why Act Now?
HMRC’s technology and access to third-party data make it easier than ever for discrepancies to be uncovered. By making a voluntary disclosure, you can:
- Minimise penalties.
- Avoid criminal prosecution.
- Negotiate a favourable settlement.
- Restore peace of mind.
How We Can Help
Dealing with tax disclosures can feel overwhelming, but our expert Tax team simplifies the process. Liam will:
- Assess Your Tax Position: Identify errors and calculate the tax owed while claiming all available reliefs and expenses.
- Advise on Disclosure Options: Recommend the best course of action tailored to your situation.
- Handle HMRC Communication: From notification to submission, we’ll manage every aspect of your disclosure.
- Mitigate Interest & Penalties: Ensure the most favorable outcome.
Don’t Wait to Act
If you suspect undeclared income or have received a letter from HMRC, contact us immediately. Proactive action can save you time, money, and stress.
Get in Touch
Reach out to Liam and the Wilson Nesbitt Tax Team for expert guidance and a fee quote.
Let us help you put your tax affairs back on track and deal with HMRC with confidence.