We are seeing a high number of HMRC ‘nudge’ letters being issued, suggesting that rental income from property has not been correctly reported.
HMRC are obviously getting this information from somewhere as many of the approaches made to us have been from landlords without agents.
At Lambert Chapman LLP, we work with clients to bring their tax affairs up-to-date and help them with reporting the correct profits and resolve any tax underpayments. This can be via a disclosure report or the Let Property Campaign.
Either way, ‘nudge’ letters should not be ignored as penalty rates will increase.
Are you an unexpected landlord with a family member living in a second property with low rates of rent?
Are you a joint landlord who has been reporting only on one tax return?
Remember Making Tax Digital #MTD ITSA is only 18 months away and this will require quarterly reporting for many landlords.
Call and speak to Lucy Orrow and our tax department to find out how you can rectify your tax position and report correct going forwards.
Disclaimer
The views expressed in this article are the personal views of the Author and other professionals may express different views. They may not be the views of Lambert Chapman LLP. The material in the article cannot and should not be considered as exhaustive. Professional advice should be sought in connection with any of the issues contained in the article and the implementation of any actions.