Let Property Campaign

FriskyPigeon

How many years do I need to disclose?  My accountant is advising all years since the very first tenancy, which I have advised him will be about 25 years now, but my interpretation of HMRC website is that the maximum required may be 20 years.  I want to be honest, so that I can sleep at night, but it seems my accountant is trying to maximise my liability, rather than keeping it to a minimum.  Also, I only have records going back to 2010, the bank say they cannot provide me with statements older than that.  Can anyone kindly advise?

LegallyLandlord

Who are you disclosing to? It’s not clear. Normally people can bin things after 6 years 

ProDave

Have you been letting properties for 25 years without telling HMRC?

Are they about to catch up with you?  Oops.

theartfullodger

25 years of breaking the law on tax declaration?  Ouch, fines & penalties will hurt.  Do you have documented records for each property for all years please.

Dunno about others, but I'm in favour of complying with the law over tax.  The country needs the income!

silvercar

Hmrc will be able to see from Land Registry records when you first owned the property.  If you can't show that you lived in the property they will assume that you have let it out for the whole time.

Your accountant's role is to legally minimise the tax you pay, not aid you in committing fraud. May be best to be guided by an expert rather than dig yourself into a bigger hole.

penners324

If HMRC want every year of your records they can demand it I believe. Especially if they think there's tax evasion happening 

_Penny_Dreadful

FriskyPigeon said:

How many years do I need to disclose?  My accountant is advising all years since the very first tenancy, which I have advised him will be about 25 years now, but my interpretation of HMRC website is that the maximum required may be 20 years.  I want to be honest, so that I can sleep at night, but it seems my accountant is trying to maximise my liability, rather than keeping it to a minimum.  Also, I only have records going back to 2010, the bank say they cannot provide me with statements older than that.  Can anyone kindly advise?

How, for 25 years, did you not know that rental income was subject to income tax? 

You’re hoping to use the ‘Let Property Campaign’ which will reduce the penalties HMRC will charge. Whilst the law allows HMRC to go back 20 years, and you’ve been evading tax for 25 years, if HMRC think you’re at it and not being truthful and accurate with the information you’re providing then you won’t get to benefit from the LPC and they can launch a criminal investigation.