Anyone who receives income from letting out a property has to make a declaration to HMRC. From helping out a friend to a £1m+ property portfolio, HMRC insist you inform them.

At Stone Accountants we ensure that every situation is analysed individually, by a member of our expert team, to make sure your submission is compliant and completed in the best way for you. We put special emphasis on understanding the legislature surrounding let-properties, such as:

Landlord and Tenant Act 1985
The latest available version of the act.

Landlord and Tenant Act 1987
The latest available version of the act.

Commonhold and Leasehold Reform Act 2002
The latest available version of the CLRA with the option to view the text as originally enacted and the associated explanatory notes.

The Approval of Code of Management Practice (Residential Management) (Service Charges) (England) Order 2009
Full text of the Statutory Instrument (SI 2009/512) as enacted.

If you have only just learn't about your obligation to declare, there's no need to worry. HMRC is currently running the 'Let Property Campaign' which ensures that any fines imposed are limited to 100% (usually 10%-20%) of the profit made in any given year. We have worked with many clients to bring there accounts up-to-date without receiving the astronomical fines usually imposed by HMRC. 

 

For more information or a free, no obligation, quotation.....

 

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