Since the government launched its Let Property Campaign in 2013 – an initiative which allows landlords to declare unpaid tax in return for a discounted penalty – more than 58,000 disclosures have been made to the authority and approximately £250 million has been recovered in unpaid taxes.
Despite this success, HMRC has clamped down on landlords with undisclosed income, and many landlords are now facing demands for back payment of taxes and associated interest, as well as facing large fines.
Donna McCreadie, a buy-to-let specialist at Perrys Chartered Accountants, explains the importance of ensuring records are up to date and what to do if you receive a worrying letter from HMRC.
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