HMRC’s “Let Property Campaign” is targeting individuals letting out residential property in the UK or abroad so that they can bring their tax affairs up to date and get the best possible terms where tax is due to HMRC.
The campaign is aimed at people renting out residential property who have not registered to pay tax, who have under-declared their earnings or who have under-paid tax. As at the end of May 2014, HMRC had written to approximately 40,000 landlords about their tax affairs.
HMRC has made online tutorials available so that it will be easier for landlords to understand when and how to pay tax on properties they have let out.
The scheme is not open to a company (or a trust) renting out residential property or if it is commercial property that is being let.
Details of the campaign can be found here with access made available to the relevant forms for notifying HMRC that an individual wants to take part as well as the disclosure form for detailing the tax, penalties and interest owed to HMRC.
The online tutorial can be found at here.