How Long Will The Let Property Amnesty Go On For?

In this video Michele Marsland of Marslands Accountants will discuss the Let Property Campaign and its longevity.

Marslands Accountants specialise in the HMRC Let Property Campaign. You may not have heard about this campaign before but it is a campaign to try and get landlords who approximately 1 in 3 do not declare their rental property income, to try and get those landlords into the self-assessment system by HMRC.

A lot of landlords for many years didn't pay tax on their properties because mortgage interest rates were so high, but with mortgage interest rates being low and with the new mortgage interest relief restriction rules a lot more landlords now have to declare property tax.

HMRC brought out the Let Property Campaign amnesty 7 years ago now, to try and get everybody into the self-assessment system. Most campaigns that Michele has know in HMRC in the past have only ever lasted 12 or 18 months so although this campaign hasn't brought about huge amounts of money it has brought a lot more people into the self-assessment system.

Michele can't tell you how long the campaign will carry on for but she suspects it could be a few more years yet. So HMRC have got this amnesty on and if you come clean to them before they get to you your penalties are much reduced so it is worth while declaring your property to HMRC using the Let Property Campaign before they get to you.

At Marslands Accountants we specialise in the Let Property Campaign as we have being doing it for most of those 7 years and we have had a lot of experience in what works and what doesn't work with HMRC.

How long the HMRC amnesty will last is up to them but at the moment we suspect it will be a couple more years yet. So please watch this space.