Let Property Campaign accountant London
Let Property Campaign disclosure support for undeclared rental income.
Tax Accountant London helps landlords make HMRC Let Property Campaign disclosures where residential rental income, rental profits, property expenses, mortgage interest relief, jointly owned property income or earlier landlord tax years were not reported correctly.
A Let Property Campaign disclosure should be prepared year by year, with rental income, allowable expenses, mortgage interest treatment, tax, interest, penalties and the reason for the omission reviewed before submission.
We review whether the Let Property Campaign is the correct route and prepare the notification position.
Rental income, expenses, finance costs, tax, interest and penalties are calculated by tax year.
The disclosure, offer, payment position and HMRC follow-up are handled within the agreed scope.
HMRC landlord disclosure support
The Let Property Campaign is HMRC’s disclosure route for undeclared residential rental income.
The Let Property Campaign can be used by landlords who need to tell HMRC about unpaid tax from residential property letting. This may include rent from a buy-to-let property, a former home that was let out, a jointly owned property, multiple rental properties or residential property income that was only partly reported.
The disclosure should not be treated as a simple rent total. The correct calculation depends on the tax year, ownership share, gross rent, allowable expenses, finance cost restrictions, losses, tax already paid, interest and the penalty behaviour position.
Who needs Let Property Campaign advice
Disclosure support for landlords who did not fully report residential rental income.
Many landlords realise the issue late: after receiving a letter, selling a property, applying for a mortgage, changing accountant, reviewing old bank statements or discovering that rental income should have been reported through Self Assessment.
First-time landlords
Landlords who let out a former home, inherited property or single rental property but did not realise tax returns were required.
Buy-to-let landlords
Rental income, agent statements, mortgage interest, repairs, insurance and service charges needing historic review.
Joint property owners
Disclosure support where rent was received jointly, ownership shares are unclear or only one owner reported income.
Landlords contacted by HMRC
Support where HMRC has sent a nudge letter, opened questions or holds information about rental property income.
Let Property Campaign services
Choose the route by tax years, property records, HMRC contact and behaviour risk.
A landlord disclosure should be scoped carefully. One missed year with clean agent statements is different from several years of undeclared rent, joint ownership, missing records, high profits, HMRC contact or possible deliberate behaviour concerns.
Let Property Campaign route review
The campaign route must fit the landlord facts before HMRC is notified.
The Let Property Campaign is designed for residential property income disclosures. Before notifying HMRC, the tax years, type of property, ownership position, income source, previous tax returns and HMRC contact status should be reviewed.
The campaign is aimed at landlords with residential property income that was not correctly disclosed to HMRC.
If HMRC has already contacted the landlord, the penalty position may differ from a voluntary approach before contact.
After HMRC acknowledges the notification, the landlord normally has 90 days to submit the disclosure and pay or arrange payment.
If some income was reported but further rent was omitted, the previous returns need to be considered in the calculation.
Historic rental income needs to be analysed by tax year, with different rates, allowances and finance cost rules considered.
HMRC may already hold property, letting agent, deposit, bank or Land Registry information relevant to the landlord.
Rental income disclosure calculations
The disclosure calculation should be prepared by tax year, not as one combined rent figure.
HMRC expects the landlord to calculate the unpaid tax, interest and penalties. The rental profit calculation should consider gross rent, allowable expenses, finance costs, ownership share, losses and tax already paid.
Rent should be analysed by property, tax year and ownership share before any deductions are applied.
Agent fees, repairs, insurance, service charges, ground rent, accountancy fees and other qualifying costs are reviewed.
Residential finance costs must be treated correctly because the rules changed over time and relief is restricted.
Property losses, prior tax payments, PAYE tax and Self Assessment payments may affect the final settlement calculation.
Rental expenses and landlord records
Landlord expenses need evidence and the correct tax treatment.
Many Let Property Campaign cases are delayed because rental income is known, but expenses are incomplete or incorrectly claimed. The disclosure should distinguish allowable expenses from capital improvements and private costs.
Repairs may be allowable where they restore the property rather than improve it beyond its original condition.
Improvements are not normally deducted from rental income but may be relevant for Capital Gains Tax on disposal.
Agent statements can help identify rent, fees, repairs and payments, but should still be checked against bank records.
Only the interest and finance cost elements are relevant, not capital repayments of the mortgage loan.
Landlord insurance, service charges, ground rent and management charges should be matched to the relevant tax year.
Where records are missing, the calculation method should be reasonable, evidence-based and clearly explained.
Landlord disclosure issues often missed
Let Property Campaign cases can involve more than simple rent and expenses.
Basic disclosure work may miss ownership share, finance cost restriction, property losses, earlier Self Assessment entries, capital improvements, mixed use or whether another tax issue is linked to the rental property.
Rental profits may need to be split by beneficial ownership. Married couples, civil partners and deeds of trust may need review.
A former home rented to tenants may create income tax disclosure issues and later Capital Gains Tax considerations.
Several properties require separate rental schedules but one overall property business calculation may be relevant.
If some rental income was already reported, the disclosure must avoid double counting and explain the additional income.
UK property income may still need UK reporting even if the landlord lives overseas. Withholding and Self Assessment should be checked.
A sale may create a separate Capital Gains Tax issue. The rental disclosure should not ignore later disposal reporting.
Let Property Campaign penalties
Penalty behaviour should be reviewed before the offer is made to HMRC.
The penalty position depends on why the rental income was not disclosed, when HMRC was told, whether the disclosure is prompted or unprompted, how complete the disclosure is and how much assistance is given to HMRC.
Evidence of records, advice taken, genuine misunderstanding and prompt correction can be relevant.
HMRC may argue carelessness where a landlord should have checked the tax position earlier.
Deliberate behaviour may be alleged where HMRC considers the landlord knew rent was taxable but chose not to report it.
A complete, accurate and cooperative disclosure can help reduce the final penalty within HMRC rules.
HMRC submission and settlement
The disclosure needs a clear calculation, explanation and offer to HMRC.
Once the notification is made and HMRC acknowledges it, the disclosure should be submitted within the deadline. The disclosure should include the tax, interest, penalty position and payment or payment arrangement where needed.
We assist with the initial notification and review the disclosure reference and HMRC acknowledgement deadline.
The disclosure explains the rental income, affected years, expenses, calculation method and behaviour position.
The settlement offer should cover tax, interest and penalties. Payment arrangements should be considered before the deadline.
We assist with HMRC questions, revised figures, acceptance, payment confirmation and future Self Assessment steps.
Documents needed for Let Property Campaign disclosure
The disclosure should be built from rental records, bank records and tax year calculations.
Tenancy agreements, letting agent statements, rent schedules, bank receipts and rent arrears details.
Repairs, insurance, service charges, agent fees, accountancy fees, ground rent and property management costs.
Mortgage interest statements, ownership share, deeds of trust, joint ownership details and property purchase documents.
UTR, previous tax returns, HMRC letters, Self Assessment payment history, rental losses and any earlier property schedules.
Let Property Campaign process
A structured route from rental records to HMRC disclosure and settlement.
We identify tax years, properties, ownership, HMRC contact status, records and disclosure route.
We calculate rent, expenses, finance costs, taxable profit, tax, interest and penalty position by year.
We prepare the disclosure narrative, computations, offer and supporting schedules for HMRC.
We assist with HMRC questions, payment position, acceptance and ongoing landlord tax return requirements.
Let Property Campaign fees
Fees depend on tax years, number of properties, records and HMRC risk.
We quote before work starts. A single property with clean agent statements is different from several years, multiple properties, joint ownership, missing records, HMRC contact or penalty dispute.
For reviewing the issue, HMRC contact status, likely years involved and records needed.
For preparing rental calculations, disclosure narrative, interest, penalty position and HMRC submission.
For several properties, missing records, joint owners, non-residence, HMRC enquiries or penalty-sensitive cases.
Let Property Campaign FAQs
Common questions about landlord disclosure, undeclared rental income, penalties and HMRC settlement.
What is the Let Property Campaign?
The Let Property Campaign is an HMRC disclosure route for landlords who need to tell HMRC about unpaid tax from residential property letting income.
Who can use the Let Property Campaign?
It is generally aimed at landlords with undisclosed residential property income. This can include a single rental property, multiple residential properties, a former home that was let out or jointly owned rental property.
How long do I have to submit the disclosure?
After HMRC acknowledges the notification, the landlord normally has 90 days to work out the tax, interest and penalties, submit the disclosure and pay or arrange payment.
What if HMRC has already contacted me?
If HMRC has already contacted you, the disclosure may be prompted and the penalty position may be different. The HMRC letter should be reviewed before the disclosure is made.
How many years of rental income must be disclosed?
The number of years depends on the facts, whether tax returns were filed, whether HMRC was notified, and the behaviour position. This should be reviewed before figures are submitted.
Can I claim rental expenses in a Let Property Campaign disclosure?
Yes, allowable rental expenses can usually be included, but they must relate to the rental business and be supported by records where possible. Capital improvements and private costs need separate treatment.
Can I claim mortgage payments?
You cannot deduct capital repayments. Mortgage interest and finance costs need to be reviewed under the residential landlord finance cost rules for each relevant tax year.
Will HMRC charge penalties?
HMRC may charge penalties depending on whether the disclosure is prompted or unprompted, the behaviour involved, the tax lost and the quality of disclosure.
What if I cannot pay the full amount within 90 days?
The payment position should be considered before the deadline. If full payment cannot be made, a payment arrangement may need to be discussed with HMRC.
Do I still need future tax returns after the disclosure?
Yes, if you continue to receive taxable rental income, you may need ongoing Self Assessment tax returns and UK property pages for future tax years.