If you have income or gains that have not been declared to HMRC previously there are several ways you can make a disclosure to bring your tax affairs up to date.

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HMRC’s Let Property Campaign helps landlords who have undeclared rental income from properties in the UK or abroad to get up to date with their tax affairs and obtain the most favourable terms to pay the tax owed.

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If you’re a landlord and you have undisclosed income, you are required to tell HMRC about any unpaid tax.

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You may not be eligible for the Let Property Campaign if you want to disclose income on behalf of a trust or a company. You should also seek guidance if you jointly own a property with your spouse or civil partner.

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HMRC Worldwide Disclosure Facility (WDF) is a service designed to help taxpayers voluntarily disclose previously undeclared offshore tax liabilities, but you are also able to use this to declare UK liabilities.

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How to declare undisclosed income

You can use the Let Property Questionnaire to check if you need to disclose unpaid taxes under this campaign.
You can make a disclosure voluntarily, or after receiving a letter from HMRC. Making a voluntary disclosure before HMRC prompt you results in a lower penalty and interest charges. It is therefore advisable to come forward before they contact you.
In order to make a disclosure you would register under the appropriate disclosure scheme and provide full details of the undisclosed income. You’ll then have 90 days to calculate and pay what you owe.

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How Jerroms can support you

Working out your income, deducting allowable expenses and working out the tax you owe can be complex, so it's beneficial to seek professional advice. Jerroms is here to support you and can help you make a disclosure via the Let Property Campaign.
For any questions or for more information, please reach out to your Account Manager or call us on +44 (0) 121 693 5000.