Let property campaign and voluntary disclosures to HMRC ― benefits of making a disclosure and risk management considerations

Produced by a Tolley Owner-Managed Businesses expert

Owner-Managed Businesses

Guidance

Introduction

Campaigns are targeted disclosure opportunities for selected groups of individuals, traders and professionals to make declarations of any undeclared income and / or over-claimed expenses. HMRC charges financial penalties in relation to disclosures that give rise to additional tax.

HMRC began introducing campaigns in 2010. Early campaigns included medical professionals, plumbers, internet traders, landlords, employees with a second source of income, credit card sales and individuals who have sold properties that are not their main residence. For a list of the previous campaigns run by HMRC, see the GOV.UK website (archived). Often HMRC offered beneficial penalty terms to encourage uptake. Where individuals that fell within the parameters of the campaign failed to make a disclosure, HMRC would treat the failure as deliberate when determining penalties on any subsequent enquiry or compliance check.

Most of these campaigns ended before 2016 and only one campaign remains open: the Let Property Campaign. This is targeted at individuals with tax to pay in relation to residential

Access this article and thousands of others like it
free for 7 days with a trial of Tolley+™ Guidance.

TAKE A FREE TRIAL

Popular Articles

Personal Tax

Foreign tax relief

Foreign tax reliefIncome and gains may be taxable in more than one country. The UK has three ways of ensuring that the individual does not bear a double burden:1)treaty tax relief may reduce or eliminate the double tax2)if there is no treaty, the individual can claim ‘unilateral’ relief by deducting

14 Jul 2020 11:44 | Produced by Tolley Read more

Tax Returns

Personal Tax

Payment of the remittance basis charge

Payment of the remittance basis chargeRemittance basis chargeThe remittance basis charge is an annual charge payable by ‘long-term’ UK residents for the privilege of claiming the remittance basis.Taxpayers who wish to utilise the remittance basis (but do not qualify for it automatically) must pay

14 Jul 2020 12:52 | Produced by Tolley Read more

Personal Tax

Self assessment ― amendments and corrections

Self assessment ― amendments and correctionsOnce a self assessment tax return has been filed, both HMRC and the taxpayer (or the agent) has the right to make changes to the return. There are different time limits depending on whether it is a correction by HMRC or an amendment made by the

14 Jul 2020 13:37 | Produced by Tolley Read more

��Ƶ