Buy to let and residential landlords who have avoided paying tax over the last few years have been given a final chance to disclose unpaid tax liabilities under the HMRC's let property campaign.
HMRC has published guidance for making a disclosure under the Let Property scheme which is open to all residential property landlords with undeclared tax liabilities.
Landlords who wish to take part in the campaign have to notify HMRC and make a full disclosure including a formal offer of how much tax they intend to pay. This can be done online. Landlords taking part in the campaign can expect to pay less in penalties than would otherwise have been the case.
The campaign is open to all residential landlords, including anyone renting out a room in their main home for more than £4,250 per year, or £2,125 if the property was let jointly, but has not told HMRC about this income.
The law allows HMRC to go back up to 20 years and in serious cases HMRC may carry out a criminal investigation.
The guidance is available HERE
For details on how the scheme works, HMRC has also published a number of case studies