“HMRC don’t know that I receive rental income”
If you have and never told them, be aware that they are increasing their focus on you!
You may ask “how they would know?”
That’s easy as they have access to the Tenancy Deposit Protection Scheme. So, they will find out about your property income from there.
You have two choices:
1. Ignore your obligations but note that when HMRC do catch up, you could end up paying penalties up to 100% as well as the tax due. They have the power to go back 20 years! Or
2. Take control now and declare the income via the HM Revenue & Customs Let Property Campaign. Using this Campaign is the best way to bring your taxes up to date.
Let Jays Accountants Help You
If you wish to take advantage of the Campaign, Jays can help you all the way and ensure that you pay the least amount of tax and penalties and claim all relevant expenses against the income. We have dealt with many of these Campaigns over the last few years and they have all be accepted by HMRC.