HM Revenue has been operating its Let Property Campaign since September 2013 under which those who have not made known the existence of let property income that should be taxed in the UK have been able to confess their error in exchange for a reduced late notification penalty.
That opportunity – which was discussed in our earlier blog – is coming to an end in less than 8 weeks.
HM Revenue is now urging UK taxpayers to declare any previously undisclosed foreign income or profits on offshore assets before the 30th of September, 2018 to avoid tax penalties under the Requirement To Correct (RTC) legislation.
This includes income from letting a property outside the UK, or renting a UK property when living in another country.
New higher penalties will apply from the 1st of October, 2018 to those who have failed to correct an offshore related tax liability by the end of September 2018, unless they can show a reasonable excuse.
The new penalty regime is discussed in detail at this page on HM Revenue’s web site.
Please don’t put your head in the sand any longer!
bdh Tax invites you to contact us if you are subject to UK tax on rental income from a let property that has not been previously disclosed to HM Revenue.
We will be pleased to have a free confidential initial discussion about your tax position and how we might help.