I have recently been approached by a client who has received a nudge letter from HMRC regarding the let property campaign. It would appear that small amounts of rental income were first earned in the year ended 5 April 2013: gross income of approximately £5 000 profit of £3 700. Similarly for the year ended April 2014: gross income of £5 000 net profit of approximately £2 600. For the year ended April 2015 and onwards the profit would appear to be in the order of £5 000 a year. The client would be a basic rate taxpayer for all years. The client involved has always worked full-time and has used the rent to pay off the borrowings on buy-to-let mortgages.
My question arises with regard to how many years we need to go back under the let property campaign. There was a failure to notify under...
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