Helping landlords declare unpaid tax on previous years
An individual landlord is entitled to a £1,000 property allowance and so rental income up to this amount is not taxable and does not need to be declared to HM Revenue & Customs (HMRC).
Landlords with rental profits between £1,000 to £2,500 should contact HMRC directly as it may be possible for the tax owed to be collected via the PAYE system.
Landlords with rental income over £10,000 or rental profits over £2,500 have to complete an annual Tax Return.
We understand that there will be occasions when landlords forget to declare tax or perhaps were not aware that tax needed to be paid.
Are you a landlord in need of tax advice? MGI Midgley Snelling LLP can assist.
Thankfully there is a facility offered by HM Revenue & Customs that provides an opportunity for landlords who owe tax on residential property, whether in the UK or abroad, to get up to date with their tax affairs under the best possible terms.
Known as the Let Property Campaign, this scheme provides you with the ability to disclose income and settle any unpaid tax quickly and easily.
Do you have undisclosed property income to declare?
We can help you go through previous tax years and ensure that the tax you owed is then declared to HM Revenue & Customs (HMRC).
Our expert team of tax professionals will also do their best to ensure that any penalties faced for late payment are mitigated.
If you would like to know more about our landlord tax declaration service, please contact us.