26/04/2026
Let Property Campaign
HMRC a few years ago gave Landlords the Opportunity to come forward and register to declare undisclosed rental profits
They targeted the West Midlands but have since targeted the other areas
HMRC will consider not charging penalties if a Landlord comes forward and registers on their own or appoints an Accountant to register and file on their behalf
There are penalties applied where HMRC reaches out to the Landlord to make a Full Disclosure
Please note if the rental profit is below £1,000 or if there are rental losses each year then a disclosure is not required
It is advisable, however, to keep records for everything and be aware that some costs may in fact be more “Capital” in nature rather than “Revenue”
We would advise all of the Landlords to come forward who are not declaring their rental profits
Rental profits are non-savings income
And will be taxed at 20%~40%~45% depending on the combined income of the other sources
Please note from April 2027 the rate will be 22%~42%~47%
If there is any tax due then HMRC will expect
Tax
Late interest on tax
To be arranged immediately, although if it is a large sum they may allow a payment plan but that will be at their discretion
The most important part of all of this is to have all of the records available eg.
Rental income receipts
Expenses
Bank statements
If there is no supporting documents available, HMRC allows £1,000 expense allowance to be claimed each year
