HMRC’s recent policy on tax evasion has been to tackle it sector by sector, with campaigns targeting areas as diverse as offshore income and black economy plumbing.
The Revenue’s latest target is undisclosed income from residential property lettings. Launched via the Revenue's website in December the campaign aims to flush out tax on rental income and help amateur landlords to bring their tax affairs up to date. There is an offer in return to give the best available deal, usually in the form of reduced penalties and potentially giving time to pay where the tax bill will cause financial hardship.
If you have let a property and have not told the Revenue about it, now would be a good time to come clean. Contact Clare Munro or Phil Moss for help in bringing your tax affairs up to date.