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Mitch Hahn
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Discover why 175 businesses have voted our service as 5 star
Mitch Hahn
CEO - Nordens
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Discover why 175 businesses have voted our service as 5 star
Mitch Hahn
CEO - Nordens
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Discover why 175 businesses have voted our service as 5 star
Mitch Hahn
CEO - Nordens
Discover why 175 businesses have voted our service as 5 star
Mitch Hahn
CEO - Nordens
Discover why 175 businesses have voted our service as 5 star
Mitch Hahn
CEO - Nordens
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02085300720
enquiries@nordens.co.uk
The Retreat, 406 Roding Lane South, Woodford Green, IG8 8EY
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The Let Property Campaign (LPC) is scheme set up by HMRC, offering the opportunity for landlords to get up to date with their tax affairs. Whether landlords let out residential property, in the UK or abroad, this simple way to disclose income or any unpaid tax provides the most practical way to avoid any large penalty fees whilst keeping your affairs in working order with HMRC.
By registering with the Let Property Campaign, landlords will have 90 days to submit all relevant information relating to their income and tax, before a proposal is issued by HMRC to pay what is owed.
We break down exactly what the Let Property Campaign is, why it was introduced by the government and what are the consequences for landlords should they choose not to declare if outstanding taxes are owed.
What Is The Let Property Campaign (LPC) & Who Does It Affect?
The Let Property Campaign offers the best possible terms available to get your tax affairs in order. By going through this formal government process, if any late penalties are issued, it is likely to be lower than it would be if HMRC finds out you have not paid enough tax. The Let Property Campaign is an opportunity open to all residential property landlords with undisclosed taxes. This includes:
This campaign is not open to those landlords who are letting out non-residential properties such as a:
You also cannot use the Let Property Campaign if you want to disclose income on behalf of a company or a trust.
Unlike previous campaigns, there is no disclosure ‘window’ requiring you to disclose what you owe by a specific date.
This campaign will be ongoing for some time, landlords intending to come forward who delay, risk higher penalties if they are subject to an enquiry and they have not already notified an intention to disclose. If you cannot afford to pay what you owe in one lump sum, depending on your circumstances, you’ll be able to spread your payments.
If you registered for self-assessment and completed tax returns within the appropriate time limits, but have simply made a careless mistake when declaring your income, you only pay for a maximum of 6 years – no matter how many years you’re behind with your tax affairs.
However, if you do not come forward and HMRC finds later that you’re behind with your tax, it may be harder to convince them that it was simply a mistake. The law allows HMRC to go back up to 20 years and in serious cases HMRC may carry out a criminal investigation.
Why Did The Government Introduce The Let Property Campaign (LPC)?
When the LPC, or Let Property Campaign, began in 2013, it was estimated that up to 1.5m landlords had underpaid or failed to pay the correct amount of tax. Since then, in 2018 HMRC discovered 8704 landlords had either underpaid or failed to pay income tax on rental income, rising to 11,129 in 2019. Through the LPC, an increase of 145% of landlords volunteered to repay what they owe during the tax years of 2017/2018 to 2018/2019, highlighting the success of the campaign.
By 2020/2021 however, there was a sharp 42% decrease of 4330 disclosures made through the LPC. This resulted in only £17m of taxes recouped, half (£34m) from a year before. This was of course largely attributed to the halt in proceedings caused by the COVID-19 pandemic.
With an increase of HMRC enquiries into businesses and the sole-traders in 2021, the government have chosen to take the approach of pleading with unscrupulous landlords to come forward through the LPC. That way, the penalties issued wouldn’t be as harshly compared to if HMRC were to discover the non-disclosure of income or unpaid tax through an enquiry. HMRC regularly check and analyse the property market due to the rise of unfit landlords exploiting tenants and the taxpayer. This means there is and will be a concentrated focus in this area to redeem some of the huge amounts of borrowing attributed to the pandemic.
How To Apply For The Let Property Campaign (LPC)?
To take part in the Let Property Campaign you should:
To benefit from the reduced penalties offered, HMRC will take account of the level to which you have helped them and the accuracy of the information you provided.
We hope this has outlined to you exactly what the Let Property Campaign (LPC) is and who it affects. If you require any further information on other government tax campaigns, or anything accounting related for that matter, please don’t hesitate to get in contact with us at Nordens where one of our trusted advisors would be happy talking you through your query.
At Nordens, we're more than just accountants - we're business experts who can help you achieve your biggest goals.
Our specialist strategic division at Nordens boasts some of the leading entrepreneurial business minds in the country. We cater towards delivering consistent success stories, whilst helping businesses achieve above and beyond their initial goals.
Through highly-tailored guidance, coaching and advice, Nordens Strategic are able to define exactly how your business can reach new levels of success.
Regardless of how you define ‘success’ for your business, our strategic service is guaranteed to bring about real and lasting change. By partnering with some of the UK’s top business coaches, we’ll steer you along the path to a greater future.
Every business, no matter how big or small, needs to make the right decisions, and how to best manage your accounts can put huge question marks over your business. Accounting2You is here to take that pressure off and provide you with all the answers you need.
Our bookkeeping branch offers a fully inclusive, comprehensive service that you can trust. Since 2005, our specialist bookkeepers have been successfully managing the accounting of both individuals and small businesses.
With experts in payroll analysis, credit control and financial recording, Accounting2You will lead your business efficiently, and with real purpose, towards a prosperous future.
Voted as EXCELLENT - 9.9 out of 10 based on 167 reviews
Director - Metro Bank
Nordens are always very easy to deal with and extremely professional and efficient. I would have no hesitation in recommending them to my clients for their accountancy needs, no matter how complex they may be.
Co-Founder - Chicmi Limited
Very good to work with - the team go above and beyond to make the accounts easy and efficient. They're all super friendly and a joy to work with.
Director - Rose Opticians
I have been using Nordens Chartered Accountants for 5 years and very happy with the service provided. All members of the team are very knowledgeable and have a wealth of experience which has proved very beneficial to my organisation
Founder & Director - Physio LDN
Very easy to contact and put me in touch with the right person whenever I need to ask any questions. Extremely knowledgeable and can help me manage my various businesses whenever I need.
Principal - Pauline Quirke Academy
Great accountants, always available to offer advice. The team have transformed my business.
Founder - Dataphone
Having worked with Nordens over the last 5 years, not only to look after my annual accounts but they have also provided outstanding professional advice. They have guided me through a Company share buyback with clear and objective advice. We have also been using Nordens strategic services for a couple of years, which has helped bring about significant improvements that exceeded my expectations. With experience of working with several local accountants over my 29 years in business, I’m very pleased with the service I have received from Nordens.
Director - Linekers
Trusted our business with Nordens for over 10 years now and watched the company grow into the successful innovative business it has become today. Deservedly so. Every aspect of financial advice we need is always given promptly and with a smile. We have total confidence in all aspects of advice Nordens give. If you are looking for accountants, its a no brainer!
Founder - Foundation Sports Limited
A fantastic, modern, vibrant firm that care about the clients and their staff in abundance. It is rare to find an Accountancy firm with such vibrance and focus and relationships. It is no wonder they win award after award in their field.
Managing Director - Prime Time Boilers
I have been with Nordens for many years now and they are a great accountants.
Founder - Vivid Finishes
We have used Nordens for the last 5 years and have had a great service throughout. The guys are very passionate about what they do and have played a part in the growth of our company, highly recommended.
Managing Director - AMD Interior Architecture
Great Service at Nordens from a friendly very approachable team Particularly Kirsty Willis and Joe Sword who have been helping us since we started the business in 2016.
Director - Forma London
Nordens provide a first class service. We moved to Nordens last year and have been impressed with the level of service provided. Keep up the good work!
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In November 2002, having sold our other business interests off earlier in the year, I decided to set up Nordens Chartered Accountants. The easy part was knowing how to do it, as I had established and built a smaller practice a few years earlier. The difficult part, for me, was not following the traditional accountancy path. Having run businesses, both successfully and unsuccessfully, I wanted to help business owners resolve their short term problems and work with them to achieve their longer term goals. Business has always been my interest and I love that I can help business owners achieve what seems like the impossible every single working day.
Mark Norden
Founder
Our limited company accountants have a range of qualifications from The Institute Of Chartered Accountants (ICAEW) to the Association of Chartered Certified Accountants (ACCA). We worry about the bye-laws, regulations and ethical guidelines of the ACCA so you don’t have to! That makes us an ACCA-accredited employer as well as a Professional Passport-accredited one!
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Nordens is a trading name of Nordens Limited, a limited company registered in England under company number 04709951. Our registered office is: The Retreat, 406 Roding Lane South, Woodford Green, Essex, IG8 8EY.
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