Let Property Campaign disclosure
Undisclosed Rental Income
Many people who own property and rent it out have for various reasons failed to disclose this correctly to HMRC.
This can be casued by various circumtances, such as unexpectedly inheriting a property, a misunderstanding of the way rental profits are calculated and taxed, ill health, disability or discovering as an executor undisclosed rental income in the affairs of the deceased.
Over the last few years we have successfully settled an increasing number of cases with HMRC using their Let Property Campaign disclosure proceedure. This guarantees the tax payer a lower rate of penalty than discovery assessments which can lead to penalties of up to 100% of the tax due.
We offer a free initial consultation where we can explain the process and the costs involved in making a full unprompted disclsoure.
Once we register clients for the scheme they are protected from the higher rates of penalties automatically triggered by a discovery assessment, they have 90 days for us to calculate the tax due and we have successfully agreed penalty rates of 10% to 20% for the majority of clients although this can't be guaranteed.
In our experience what can be guaranteed is that by letting Kemps lead you through this process there is a tremendous improvement in quality of life once the stress of non complaince is removed.
Our after care service involves us preparing tax payers subsequent tax returns in compliance with all HMRC regulations whilst ensuring that we minmise the tax due.