Video and article warning looks at HMRC Let Property Campaign and an amnesty to pay taxes for income that you failed to disclose in previous years.
Transcript: HMRC Let Property Campaign
“Hello there. This is a warning video to all you people out there who’ve got properties, buy to let properties investment properties and maybe even you’ve been letting out your home and you've gone off and done other things.
The income tax. HMRC is in the middle, right now, and I'm shooting this video it’s March 2015, and they basically have a campaign which I’ve been doing a little research on my ‘wizzy pad’ again.
The Let Property Campaign.
So this is all about people who are not completing self-assessment returns properly, not including property income and there is a campaign, clearly, by HMRC to collect revenue with this let property campaign. [And] what I would say is: just have a think about this:
So this campaign is going on right now and there is an amnesty where if you voluntarily come forward, come clean, then that's where you are likely to get the best terms for paying any tax that you should have paid in the past and you haven't. I’m not saying that you won’t get fined. I'm not saying that you won't have some form of interest penalties but HMRC are offering an amnesty where they say: come forward, come forward and tell us.
So if you come forward voluntarily, and you can go to the ‘let property campaign’ website, you can download a prescriptive form which basically allows you to disclose details of the property rental income that you've received and the tax that should have been paid if you do that and if you send in that form with your cheque for the tax that was due there is an amnesty in place currently.
If you don't then they are still likely to catch up with you. [And] if you receive a letter from the ‘let property campaign’ asking you to disclose details you're too late.
So I'm urging you, and
The first port of call for income tax purposes is UK HMRC, so I'm just urging you here.
HMRC's ‘let property campaign’ is out there. The land registry is linked to HMRC, they know who owns what property and if you haven't declared, if you haven't paid tax when you should have done then come forward.
Either come to us and seek advice. We will sort it out for you and deal with all of your previous year's tax returns or alternatively you can download all of the information and apply online, get the paperwork online et cetera.
Now that only goes up to 2012/2013 and one of my colleagues, well my wife and co-director actually Joanne, she was talking to HMRC about the scheme and they’re like, they’re going back 19 and 20 years from a records perspective to see who's owned what and when and where the tax should have been paid or not.
So please, please, please don't ignore this video. HMRC's let property campaign is in full swing now and if I was you, if you haven't declared for taxes that you should have done, there is an amnesty. Let's get in there and make that disclosure and pay your taxes early rather than face, obviously, problems of being investigated. So amnesty in place, you can back date and pay backdated taxes et cetera but if you choose not to or you ignore it and then HMRC, they will catch up with you, then you’ll have to face the consequences. So that's my warning, I'm sorry is not an exciting video today but please don't ignore it if you got property rental income and you should pay tax. Thanks very much for watching.”