HMRC Tax Disclosure in London: What You Need to Know

Dealing with HMRC can be a daunting process for anyone, especially for those who think that past earnings or gains have not yet been declared. For taxpayers, landlords, or business people, it is always advisable to be proactive about HMRC rather than expecting the agency to contact you first. Voluntary disclosure gives taxpayers the chance to put previous errors right and bring their affairs back into line.

This guide aims to clarify HMRC tax disclosure procedures, who is required to comply with this process, and what must be done, especially for people in London who may have complicated income sources or property portfolios.

When Do You Need to Make a Tax Disclosure?

A tax disclosure is required where HMRC has not received the correct amount of tax due. This may arise from:

Unreported rental earnings
Income from abroad not reported on a UK tax return
Capital Gains Tax that is not paid on property or asset sales
Errors or omissions in previous Self Assessment returns
Income reported late or not reported at all

Often, such problems tend to be inadvertent. However, HMRC will still require them to be remedied. Coming forward voluntarily tends to lead to fewer fines and a smoother process.

As far as London taxpayers are concerned, cases of disclosure can become complicated, especially because property values in London are high, and taxpayers may earn multiple incomes. This is where seeking advice can help.

How HMRC Sees Voluntary Disclosure

HMRC invites taxpayers to submit voluntarily. If you reveal before the HMRC begins an investigation, your options will most likely improve.

A disclosure typically consists of:

Calculating the correct tax owed
Submitting accurate figures for all affected tax years
Paying the outstanding tax, plus interest
Agreeing on penalties based on behaviour and timing

Done the right way, this is a process that results in certainty and closure. Done otherwise, this situation may lead to delays and even increased penalties.

This explains the need for professional assistance with HMRC tax disclosure in London, especially in the event of larger funds or multiple taxation years.

How the Let Property Campaign Works for UK Landlords

The Let Property Campaign is the HMRC scheme targeted specifically at landlords who have not previously declared tax on their income from letting. It applies to UK and overseas landlords with UK rental property, including those letting residential or commercial property.

After the landlord registers for this campaign, there are 90 days during which they must:

Evaluate previous earnings from rentals
Calculate unpaid taxes, penalties, or interest
Submit the disclosure and make payment

The campaign applies to Income Tax, Capital Gains Tax, and National Insurance, depending on the relevance. The campaign does not cover Corporation Tax because it is a separate procedure.

Many landlords use the campaign after discovering missed income, changes in residency status, or misunderstandings around allowable expenses. Seeking Let Property Campaign assistance in London can help ensure figures are calculated correctly and submitted on time.

Common Mistakes Landlords Make

Landlords often underestimate how easy it is to fall behind on reporting. Common issues include:

Assuming letting agents handle tax reporting
Forgetting to declare rental income from previous years
Misunderstanding expense claims and reliefs
Failing to report income from jointly owned property

The Let Property Campaign offers a chance to correct these issues, but accuracy is critical. Errors in calculations or incomplete disclosures can trigger further HMRC action.

Why Professional Help Makes a Difference

While HMRC allows taxpayers to disclose on their own, the process can be complex, especially when multiple years or properties are involved. A professional adviser can:

Review your full tax position
Ensure all income and gains are correctly included
Calculate penalties accurately and fairly
Communicate with HMRC on your behalf

At Wingate Accountants, disclosures are handled with care, confidentiality, and a clear focus on achieving the best possible outcome for the client.

Speak to Wingate Accountants

If you are concerned about past tax affairs or rental income, early advice can make a significant difference. Wingate Accountants work with individuals, landlords, and business owners across London to resolve HMRC matters efficiently and professionally.

To discuss your situation in confidence, contact Wingate Accountants today and arrange a consultation with a qualified tax adviser.