Do you own a rental property? Are you paying too much tax? Have you avoided paying the proper tax? The Let Property Campaign offers landlords and people who own rental properties the opportunity to pay the right amount of tax. Assessments are done and arrangements can be made through the Let Property Campaign to help you get your taxes in order. You can enroll at any time and benefit from reduced penalties through the Let Property Campaign.
The Let Property Campaign
If you were paying too little tax over the years, the Let Property Campaign will give you the opportunity to rectify those debts in a way that will work for you. The more honest you are, the more you will be rewarded. They understand that mistakes can be made when claiming rental properties. Renting single properties, multiple properties, holiday lettings, room rentals and live abroad programs can be complicated to claim properly. It is valuable for all landlords to be part of the Let Property Campaign.
How Do I Apply?
Notify the HMRC that you will be making a disclosure about your own tax affairs by filling out a Digital Disclosure Service [(DDS): The Let Property Campaign offers landlords the opportunity to pay the right amount of tax in the UK. You will then receive your Disclosure Reference Number ([DRN: The Let Property Campaign offers landlords the opportunity to pay the right amount of tax in the UK. ]) which will be a reference number when you contact the Let Property Campaign. You are expected to send your disclosure and make a payment for the tax within 90 days of the date stated on your notification acknowledgement.
What Information Do I Need?
In order to complete your disclosure you’ll have to calculate the income you’ve generated through your rental properties and the allowable expenses on those properties for each tax year. Deduct the expenses from the income to determine the taxable profit then calculate those taxes. Once you have calculated the taxes on your taxable profit you can file your disclosure to HMRC.
Why Should I Use The Let Property Campaign?
You can be penalized up to £ 3000 for making mistakes on your tax returns so you’ll want to process your work through The Let Property Campaign. After through calculations for each tax year, you’ll find out what the proper taxes are that you owe to HMRC. After determining the taxes you owe, there will be some investigation into your file in order to calculate the penalties. If you have come forward and admitted to all of your faults than HMRC have the option to provide you with some leniency in regards to penalties. The taxes will be backtracked for up to six years normally and you may owe a significant amount on your earnings over the years but if you ever intend on making more money through rental properties it is essential to pay your taxes. If you have un paid tax for more than six years HMRC may come back for a full tax investigation beyond period of six years.
Get It Right
You don’t want to be charged penalties or go to jail for fraud by committing tax evasion. If you want to ensure that your taxes are done properly than the Let Property Campaign can help you. Don’t let the process overwhelm you because the benefits to getting your taxes organized are endless. Don’t become a negative statistic and ensure that all of your wealth was earned legally. Landlords and owners of rental properties need to relieve the stress of taxes and this is the best way to ensure you are creating income through properties properly and legally.
You can call specialist team at The Accountancy Solutions or just fill in below for for a free and confidential advice.