Let property campaign and voluntary disclosures to HMRC ― making the disclosure

Produced by a Tolley Owner-Managed Businesses expert

Owner-Managed Businesses

Guidance

STOP PRESS: The remittance basis is abolished from 6 April 2025, although this only applies to foreign income and gains arising on or after that date. The remittance basis rules still apply to unremitted income and gains arising before that date but remitted later. The legislation is included in FA 2025. For more details, see the Abolition of the remittance basis from 2025/26 guidance note.

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 on 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

Continue reading the full document

To gain access to additional expert tax guidance, workflow tools, and tax research, register for a free trial of Tolley+™

TAKE A FREE TRIAL NOW

Popular Articles

Personal Tax

Income tax losses ― overview

Income tax losses ― overviewIncome tax losses can arise due to a number of reasons, but not all losses can be relieved against total income and some losses can only be set against certain types of component income. The table below is a summary of the main reliefs for income tax losses.Summary of

04 Mar 2021 12:19 | Produced by Tolley Read more

Owner-Managed Businesses

Repairs and renewals

Repairs and renewalsThe key consideration in determining whether expenditure on repairs and renewals is allowable as a deduction for tax purposes is whether it is capital or revenue in nature. In some cases, it can be relatively straightforward to identify revenue repairs. HMRC provides the

14 Jul 2020 13:23 | Produced by Tolley Read more

Value Added Tax

Exemption ― overview ― items exempt from VAT in the UK

Exemption ― overview ― items exempt from VAT in the UKVAT exemption: list of supplies exempt from UK VATThe goods or services that are exempt from VAT are listed under various group headings within VATA 1994, Sch 9, Pt II.It is important to remember that not all supplies that come within a heading

14 Jul 2020 12:45 | Produced by Tolley Read more

��Ƶ