{"id":20018,"date":"2023-05-24T15:42:25","date_gmt":"2023-05-24T15:42:25","guid":{"rendered":"https:\/\/www.moorethompson.co.uk\/blogs\/?p=20018"},"modified":"2023-05-24T15:42:26","modified_gmt":"2023-05-24T15:42:26","slug":"landlords-should-bring-uk-tax-affairs-up-to-date-before-renters-reform-bill-is-enforced-in-law","status":"publish","type":"post","link":"https:\/\/www.moorethompson.co.uk\/blogs\/landlords-should-bring-uk-tax-affairs-up-to-date-before-renters-reform-bill-is-enforced-in-law\/","title":{"rendered":"Landlords should bring UK tax affairs up to date before Renters Reform Bill is enforced in law"},"content":{"rendered":"\n

The Government is looking to introduce the Renters Reform Bill, which if made law, will be the biggest shake-up to housing laws in forty years.<\/p>\n\n\n\n\n\n\n\n

Whilst the Bill will have implications for the 11 million renters in the UK, landlords have been advised to ensure that they are up to date with their taxes, as the Bill can potentially give HM Revenue & Customs (HMRC) more power to investigate compliance within the housing sector.<\/p>\n\n\n\n

As part of the Bill, it has been proposed that a database be created with details of landlords and their properties let under residential tenancies.<\/p>\n\n\n\n

Whilst primarily a useful tool for renters to check out the background of their landlords, the database could open the doors to HMRC, enabling it to use the publicly accessible data for compliance activities.<\/p>\n\n\n\n

The Let Property Campaign<\/strong><\/p>\n\n\n\n

With the potential for stricter compliance for landlords under the new legislation, they are encouraged to keep up to date with their tax payments and reporting.<\/p>\n\n\n\n

One scheme designed to aid landlords with getting up to date with tax is the Let Property Campaign.<\/p>\n\n\n\n

It is an opportunity for landlords who know they owe undeclared tax through letting out residential properties both in the UK and abroad to get up to date with their tax affairs in a simple way and to take advantage of the best possible terms for possible interest and penalty charges.<\/p>\n\n\n\n

To take part in the Let Property Campaign you should do the following:<\/p>\n\n\n\n

\u00b7 Notify HMRC that you want to take part in the campaign<\/p>\n\n\n\n

\u00b7 Disclose to HMRC all income, gains, tax, and duties you have not previously told them about<\/p>\n\n\n\n

\u00b7 Make a formal offer<\/p>\n\n\n\n

\u00b7 Pay what you owe<\/p>\n\n\n\n

\u00b7 Help HMRC as much as you can if they ask you for more information<\/p>\n\n\n\n

When you make your disclosure, you can tell HMRC how much you believe you should be paying in late payment penalties.<\/p>\n\n\n\n

The payment will depend on the reasons why you have failed to declare your income. Any deliberately kept information will incur a higher penalty than a simple mistake.<\/p>\n\n\n\n

Disclosing your tax information this way means that in the event you are required to pay a penalty, it will be much lower than it would be if HMRC finds out you have not paid enough tax.<\/p>\n\n\n\n

The law allows HMRC to go back up to 20 years, and in serious cases, HMRC may carry out a criminal investigation.<\/p>\n\n\n\n

The potential for a new public database for HMRC to investigate landlords is an additional reason why landlords should keep up to date with their taxes, and if they feel that they are not, then use the Let Property Campaign to ensure minimal penalties and avoid possible criminal charges.<\/p>\n\n\n\n

Are you a landlord in need of tax advice? Please contact us today.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The Government is looking to introduce the Renters Reform Bill, which if made law, will be the biggest shake-up to housing laws in forty years.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26,3,30,34],"tags":[],"class_list":["post-20018","post","type-post","status-publish","format-standard","hentry","category-blog","category-tax","category-tax-blog","category-tax-news"],"yoast_head":"\nLandlords should bring UK tax affairs up to date before Renters Reform Bill is enforced in law - Moore Thompson<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.moorethompson.co.uk\/blogs\/landlords-should-bring-uk-tax-affairs-up-to-date-before-renters-reform-bill-is-enforced-in-law\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Landlords should bring UK tax affairs up to date before Renters Reform Bill is enforced in law\" \/>\n<meta property=\"og:description\" content=\"The Government is looking to introduce the Renters Reform Bill, which if made law, will be the biggest shake-up to housing laws in forty years.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.moorethompson.co.uk\/blogs\/landlords-should-bring-uk-tax-affairs-up-to-date-before-renters-reform-bill-is-enforced-in-law\/\" \/>\n<meta property=\"og:site_name\" content=\"Moore Thompson\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-24T15:42:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-24T15:42:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.moorethompson.co.uk\/blogs\/wp-content\/uploads\/2023\/05\/Heather-Bright-1-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Landlords should bring UK tax affairs up to date before Renters Reform Bill is enforced in law\" \/>\n<meta name=\"twitter:description\" content=\"The Government is looking to introduce the Renters Reform Bill, which if made law, will be the biggest shake-up to housing laws in forty years.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.moorethompson.co.uk\/blogs\/wp-content\/uploads\/2023\/05\/Heather-Bright-1-2.png\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.moorethompson.co.uk\/blogs\/landlords-should-bring-uk-tax-affairs-up-to-date-before-renters-reform-bill-is-enforced-in-law\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.moorethompson.co.uk\/blogs\/landlords-should-bring-uk-tax-affairs-up-to-date-before-renters-reform-bill-is-enforced-in-law\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\/\/www.moorethompson.co.uk\/blogs\/#\/schema\/person\/0d9cc808e7eb5eb75ce773e69c3d97fb\"},\"headline\":\"Landlords should bring UK tax affairs up to date before Renters Reform Bill is enforced in law\",\"datePublished\":\"2023-05-24T15:42:25+00:00\",\"dateModified\":\"2023-05-24T15:42:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.moorethompson.co.uk\/blogs\/landlords-should-bring-uk-tax-affairs-up-to-date-before-renters-reform-bill-is-enforced-in-law\/\"},\"wordCount\":479,\"articleSection\":[\"Blog\",\"Tax\",\"Tax Blog\",\"Tax News\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.moorethompson.co.uk\/blogs\/landlords-should-bring-uk-tax-affairs-up-to-date-before-renters-reform-bill-is-enforced-in-law\/\",\"url\":\"https:\/\/www.moorethompson.co.uk\/blogs\/landlords-should-bring-uk-tax-affairs-up-to-date-before-renters-reform-bill-is-enforced-in-law\/\",\"name\":\"Landlords should bring UK tax affairs up to date before Renters Reform Bill is enforced in law - 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