NSBRC (Leaderboard Ad - Visit the Centre)

Let's Talk

Your Total Guide To property

NSBRC (Sponsored)

HMRC’s Let Property Campaign #AskAMS

HMRC must be told about income and expenses for your rental property.

If you rent out a residential property, HMRC will want to know the total amount received and the expenses you’ve paid for. It applies even if there were periods when the property was empty.

So what to do if you’ve missed the submission date for a tax year? Or even a few tax years?

The Let Property Campaign exists to cover situations like this. After signing up for this process, HMRC will give you 90 days to send them the figures for the missing years and your tax liability will be calculated.

This means that penalties will be reduced because you made the initial step to admit you are late to HMRC. Also, if you cannot afford to pay the tax in a lump sum, HMRC will agree an initial payment with you and then monthly payments going forward.

The DDS form can be found on HMRC’s website; filling this in online will inform HMRC of your decision to sign up for the Let Property Campaign, and HMRC will send you a Disclosure Reference Number to use for the process of disclosing the information.

AMS Accountancy Swindon and Wiltshire

AMS Accountancy Ltd

AMS Accountants in Swindon provide a complete accountancy service for small businesses in Wiltshire and a monthly accountancy service for contractors throughout the UK.

Delta 606, Welton Road, Swindon, SN5 7XF

NSBRC (Animated Ad - Visit the Centre)
EM Refurbishments & Property Maintenance
Future Planning
Leekes (affiliate)
Thrings
DIY Direct (Affiliate)
M4 Self Store (Animated Ad)
NSBRC Generic (Animated Ad)
Wiltshire Teak (Animated Ad)
Ted Mortgages (Animated Ad)

Weather in Swindon