You may remember my post which shared the two campaigns that H.M.R.C had launched on Let Property and Health and Wellbeing towards the end of last year. (Read it here if you missed it.)
Time is running out for landlords who have undeclared rental income – which falls under the “Let Property campaign”. The H.M.R.C’s Risk & Intelligence Service at the Centre for National Information is writing to lettings agents informing them that they will shortly receive a statutory notice under paragraph 18 of schedule 23 to the Finance Act 2011. This notice will require the letting agents to supply to H.M.R.C the following information for the year ended 5 April 2013. It applies to all property landlords for whom the agent acted in the year to 5 April 2013. In respect of each landlord they will have to give the following to H.M.R.C.:-
- The name and address of the landlord for whom the rents were collected;
- The total amount of gross rent collected from the tenant for the landlord for the year ended 5 April 2013;
- The address of the let property to which the rents relate.
- They also require further details of full management or lettings only services and details of landlords who are living outside of the UK.
With the letter is a questionnaire asking the agent for background information which needs to be submitted to H.M.R.C before they issue the statutory notice.
It therefore looks as though the campaign is drawing to a head. Our advice is that if you have undeclared rental income, take advantage of the campaign now.
If you would like more information, please do get in touch with me or my team. You can contact us on 01788 577613 (Rugby Office) or 01908 564701 (Stony Stratford Office), by email on firstname.lastname@example.org or via Twitter on @cliffordtowers.
Image credit: ginasanders / 123RF Stock Photo