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HMRC are only interested in receiving the LPC disclosure form if there is tax due. In some cases there will be losses and we always send HMRC a copy of the profit and loss account showing the losses and confirm that they will be taken to the self-assessment tax return to set against future profits.
Although HMRC should automatically register someone for self-assessment when they register to take part in the Let Property Campaign we have found that HMRC fail to do this and for anyone taking part in the LPC we would recommend that they register for self-assessment at about the same time as they notify HMRC they are participating in the LPC.
HMRC claim that the LPC gives an individual a more favourable penalty position than if they made a disclosure by other routes. Although we do not necessarily agree with this statement it is the only route for people who have undeclared rental income only.
Read more about the Let Property Campaign.
If you can't find the answers you are looking for in our FAQ please get in touch with our team for confidential and no-obligation advice.
Call 0800 011 9625 or email us at scott.gilbert@gilberttax.co.uk
Get in touch with us for confidential and no-obligation tax advice.
Call us on:
0800 011 9625
Email us at:
scott.gilbert@gilberttax.co.uk
"We understand that people sometimes make mistakes in their dealings with HMRC and that HMRC make mistakes in dealing with taxpayers. Many people do not know how to deal with HMRC or who to turn to for help resolve the tax dispute.
Our firm of tax advisors specialise in resolving people's problems with HMRC. We have extensive expertise in dealing with all forms of tax investigations and tax disputes as well as with taking matters to the Tax Tribunal where agreement cannot be reached.
We deal both directly with the individual who is under enquiry and also work with many firms of accountants supporting them in dealing with HMRC disputes and advising them on how to handle HRMC to get the best result.
The fact is that proper management of HMRC is the best way of reducing the tax, interest and penalty as well as the time taken in resolving any tax dispute.
Our expert team are none judgemental and rigorously defend your position within the scope and parameter of the law. We take control and manage the process to minimise the interruptions that any form of tax investigation causes to an individual's life and business."