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UK Rental Income and Not Declaring It? Read on!

July 23, 2018 by Alan Collett

HM Revenue’s Let Property Campaign provides an opportunity for those with rental income from property in the UK and who haven’t previously told HMRC to declare the existence of this source of income.

The Campaign is available to all residential property landlords whether they have one property or several properties, so long as the rental income is received in a personal capacity, and not through a limited company or trust.

If you live outside the UK and are renting out a property in the UK you should be preparing and submitting a tax return with HM Revenue each year.

See here for details of the circumstances when HM Revenue requires a UK tax return to be submitted.

If you own a let property in the UK and haven’t been lodging a UK tax return – whether by mistake or deliberately – here is some good news! HM Revenue has an ongoing Let Property Campaign through which you can make known details of your let property.

In return for disclosing this source of income HM Revenue will mitigate any penalties, which are usually tax geared.

Those who are no longer living in the UK and who continue to have an entitlement to the UK personal allowance may have little or no UK tax to pay on their rental income – so there should be no tax geared penalties resulting from the disclosure.

We do not expect this amnesty to be available for too much longer, so if you have rental income from a UK property that has not yet been declared to HM Revenue we recommend you make known the existence of the rental income as soon as possible.

Depending on where you are now resident and the local tax rules relating to taxation of foreign income the rental income may also need to be declared to the local tax authorities – eg the Australian Taxation Office if you are a tax resident of Australia.

bdh Tax is very experienced in assisting clients who have let property in the UK and who are now living in another country.

If you have a property in the UK and would like assistance advising HM Revenue of the existence of your rental income please complete the enquiry form on this webpage, or telephone the bdh Tax office that is closest to you.

We will be pleased to have an initial free discussion about your situation, how we might help, and to advise details of our fees.

Filed Under: Income Tax, UK Tax

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