Why do we share data with HMRC?
As a company that facilitates payments in the UK, we are legally required to provide limited data about these transactions to Her Majesty’s Revenue & Customs (HMRC) when requested.
What data do we share?
We are currently obligated to share data for all landlords we’ve collected rent for during the periods 06/04/21 to 05/04/22 and 06/04/22 to 05/04/23.
This data includes the following:
-
Landlord name and address
-
Address details for each rented property
-
Total rental income received per property
Which landlords does this apply to?
This only applies to landlords letting properties in England, Scotland and Wales who are required to pay tax in the UK, and who were actively collecting rent during the request period specified by HMRC.
Future data requests from HMRC
As a relevant data holder, we are required to comply with any future data requests from HMRC and will continue to comply with these requests.
Other companies HMRC works with
HMRC works in partnership with companies across the sector, as people with additional, non-PAYE income streams may not be fully aware of their tax obligations.
Data security
We understand you may have concerns about your personal data being shared with HMRC. In compliance with GDPR regulations, your data is securely stored and transmitted. HMRC also undertakes standard, secure processes to review this data.
Your tax obligations in the UK
As a residential property landlord in the UK, you are required to report any earnings from these properties to HMRC. In order to fully understand your tax obligations, we recommend speaking to a qualified tax advisor. For any other tax questions, visit the UK Government website.
Support with your tax obligations
If you need assistance, our partners at GoSimple Tax can provide independent tax advice and expert support with your tax return if required.
Let Property Campaign
The Let Property Campaign is an opportunity for landlords who owe tax through letting out residential property to get up to date with their tax affairs and take advantage of the best possible terms.
Who should participate in this campaign?
Any residential property landlord with undisclosed taxes, including those with multiple properties, single rentals, specialised rentals (students/workforce), holiday lettings, and those renting rooms exceeding the Rent a Room Scheme threshold.
How do I take part in the Let Property Campaign?
Notify HMRC of your intention to participate, disclose all income, gains, and unpaid taxes, make a formal offer, pay the owed amount, and provide additional information when requested.
What if I don't disclose my rental income?
HMRC is actively targeting non-compliant landlords and will identify and contact those who haven't declared rental income. Penalties will likely be higher if caught without disclosure..
What are the penalties for non-disclosure?
Penalties vary based on your circumstances. If you've taken reasonable care, penalties are lower. Deliberate action incurs higher penalties. Full disclosure attracts no penalties.
Can I spread out my payments?
Yes, depending on your circumstances, you may be able to arrange a payment plan. Contact HMRC immediately and discuss your situation. They will guide you on what to pay and when.
Can I disclose liabilities beyond rental income?
Yes, you can indicate if you need to resolve issues related to other types of income like VAT, Employer Tax, Inheritance Tax, trust income, or residency status.
What should I do next?
If you’re a landlord with undisclosed income, you must tell HMRC about any unpaid tax now. You’ll then have 90 days to work out and pay what you owe. Visit Let Property Campaign to get started or call the helpline on 0300 123 0998.
If you have any questions regarding these terms, please contact us.