HMRC has recently updated its guidance on the Let Property Campaign.
The Let Property Campaign is for landlords who owe tax through letting out residential property, in the UK or abroad, to get up to date with their tax affairs in a simple and straightforward way.
Those who are unsure whether they need to disclose unpaid taxes under this campaign can use the Let Property questionnaire to help them decide.
Full details of the campaign and how to make a disclosure can be found here.
This is an ideal opportunity for property investors to ensure their tax affairs are up to date and an early disclosure will result in lower penalties and interest being payable. Property investors should also be made aware that if HMRC accepts a disclosure they do not necessarily have to make an upfront payment as HMRC accepts various payment methods and will allow individuals to spread payments.