As the self assessment tax return deadline draws closer, HMRC is reminding landlords to disclose their earnings when filing their tax returns.

With the countdown to the 31 January 2025 deadline underway, HMRC has reiterated the guidance on who can participate in its Let Property Campaign, which is targeted at landlords who owe tax through letting out residential property in the UK or abroad.

Landlords can report previously undisclosed taxes on rental income to HMRC under the Let Property Campaign if they are an individual landlord renting out residential property.

The campaign covers landlords who rent out single or multiple properties, rent out a room in their main home that exceeds the Rent a Room Scheme threshold and holiday lettings.

Tax must be paid on any profit made from renting out property. The profit is calculated based on the amount left once claims for expenses or allowances have been deducted.

It is also important to note that, for those living abroad or intending to live abroad for more than six months and renting out a property in the UK, those earnings may still be liable to UK taxes.

Check out our previous article on the Let Property Campaign for more information.

Please contact us if you have any questions about the campaign, becoming a landlord or self assessment tax returns.

Internet link:GOV.UK