Just over two years ago, HMRC implemented their Let Property Campaign which was designed to help residential landlords organise their tax affairs and giving them an opportunity to voluntarily disclose tax on previously undeclared income. According to the latest emerging figures, it seems that the venture was a success, bringing in more than £50 million in unpaid tax from over 10,000 landlords. HMRC have launched several of these campaigns in the past targeted at various different sectors, but this has been one of the most effective.

HMRC are currently actively tackling deliberate tax evasion by residential landlords, and those who do not voluntarily disclose face the possibility of criminal prosecution. However, tax can be a complex issue, and in many of these cases the landlords were not deliberately avoiding tax payments, but were simply unaware or had misunderstood the rules. This campaign gave landlords the opportunity to avoid legal problems and bring their tax affairs up to date.

It is always advisable to consult financial professionals when it comes to matters such as tax, so you can ensure you are paying the correct amount while simultaneously taking full advantage of all the available reliefs and allowances which may be available to you. In order to reach your full potential as a landlord, it is also important that you have complete support with matters such as marketing and property management.

If you need advice, guidance and support on how to maximise your opportunities as a residential landlord, just get in touch. From management to council leasing, we can help you to deal with a large and diverse range of property-related issues in Ealing and beyond. Being a landlord comes with various responsibilities and obligations which you must legally live up to, and we are the property team who can help you to achieve this.