Rental Income and Let Property Campaign

Many landlords assume that if a rental property is loss-making, there’s nothing to declare to HMRC; no profit = no tax = no problem.

Unfortunately, that’s not how HMRC see it.

Where a property is held in your personal name, rental income must still be declared, even if the final figures show a loss - this does not remove the obligation to report the income to HMRC.

We regularly speak with landlords who are genuinely shocked when HMRC raise questions about undeclared rental income — sometimes going back many years.

What many don’t realise is that HMRC often already know a property has been rented, using data from:

·         Land Registry

·         Letting agents

·         Mortgage lenders

·         Local authority and licensing records

Making a voluntary disclosure under the Let Property Campaign before HMRC contact you

can significantly reduce penalties and keep matters on your terms.

Even if HMRC have already written to you regarding undeclared rental income, there are often still ways to limit penalties and restrict how far back they can look.

If this sounds familiar, or if you’re unsure whether your rental position has been reported correctly, we are always happy to have a confidential conversation.