HMRC target Northern Ireland landlords

HMRC’s Let Property Campaign gives individual landlords in Northern Ireland and the rest of the UK who are letting out residential property in the UK or abroad the opportunity to bring their tax affairs up-to-date and to get the best possible terms to pay the tax they owe.

If you owe tax on your letting income you’ll need to tell HMRC about the income you haven’t declared by making a voluntary disclosure. To get the best possible terms, you must tell HMRC that you wish to take part by filling in a notification form or calling the Let Property Campaign helpline on 03000 514 479. You’ll then have 3 months to calculate and pay what you owe.

Landlords who are renting out residential property in the UK or abroad must declare this income to HMRC. Even if you believe that your expenses will outweigh the rental income, you must report the income and expenses to HMRC by completing a self assessment tax return form. Any losses made can therefore be calculated and carried forward to use against any future rental profits.

HMRC will be using an extensive database to identify landlords and anyone who has not used this campaign to come clean will face higher penalties and the threat of prosecution.

Wilson Nesbitt Solicitors based in Belfast, Northern Ireland can assist you with any tax compliance issues and help if you have been selected for a tax enquiry. If you need to talk with one of our tax advisors please contact us by calling 0800 840 9288.