Unreported Property Income

2 min read

Landlords in receipt of rental income in excess of £1,000 in a tax year are required to disclose this to HM Revenue and Customs (HMRC).

For various reasons rental income may not be declared sometimes landlords may simply not get round to it or perhaps are unaware that they have tax obligations.

If you become aware of undisclosed income it is always better to come forward to HMRC rather than wait until they catch up with you.

This article looks at the sources available to HMRC to identify undisclosed rental income and the Let Property Campaign which allows arrears of rental income to be disclosed in a simple cost effective manner.

HMRC have various sources to identify undisclosed rental income.

Stamp Duty Land Tax (SDLT), Land Registry and Electoral Register

SDLT is a department of HMRC and they also have access to HM Land Registry records. In both cases, HMRC are able identify, those that own multiple properties which will create a red flag if there has not been any rental income declared.

The electoral registry can also be used to identify who is living in a property.

Letting Agents

Many Landlords rent through a letting agent or use one to find tenants.
High street letting agents are required to make an annual report to HMRC identifying landlords, rental properties and income earned. Online agents such as Air BnB and other online holiday agents will provide details of their electronic payments to HMRC in an annual report.

Security Deposit

The Landlord is normally required to place any security deposit with a government approved deposit scheme. HMRC have access to these records and use them to confirm a rental agreement is in place.


Ex-spouses/partners, neighbours, colleague and disgruntled tenants have long been a rich source of information for HMRC.

The Let Property Campaign

Help is at hand for Landlords wishing to bring their affairs up to date. The facility allows all undeclared years to be disclosed on one form, penalties will be lower. It will normally be possible to arrange payment of the liabilities in instalments.

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We offer a wide range of business advisory services to help you make the right decisions for your business to grow and improve.

If you would like to know how Loucas can assist you, please do not hesitate to contact us.

Creating Green Growth

2 min read

2021 will see the UK host COP26, where parties from around the world will gather together to find ways to work towards the goal of a low-carbon future.

The UK government itself must accelerate the reduction of carbon emissions in order to hit the country’s climate target by 2050. The desire to reach these goals has been further fuelled by the coronavirus (COVID-19) pandemic, with many people urging governments to ‘build back better’ and businesses assessing their own roles in the ‘Green Industrial Revolution’.

For this to happen, the government will need to deliver fundamental change to help the UK meet its net-zero target while aiding an economic recovery. Chancellor Rishi Sunak has already laid out some steps towards creating a greener economy. Here, we take a look at what could be done to drive these ambitions further.

Committing to green growth

In the 2021 Budget, the Chancellor made a number of commitments to green growth. This included the first ever UK Infrastructure Bank, which will have an initial capitalisation of £12 billion and will invest in green public and private projects.

The Chancellor also unveiled a retail savings product to give UK savers the chance to support green projects to sit alongside a Sovereign Green Bond that was announced last year. Mr Sunak also committed investment to offshore wind, with funding for new port infrastructure to build the next generation of projects in Teesside and Humberside.

Holistic plan

The Confederation of British Industry (CBI) has urged the government to go further in order to encourage the green industrial revolution. It says that greening the tax system must go beyond simply looking at different environmental taxes – transport, pollution and energy taxes – as one-offs. Instead it should deliver fundamental change with a holistic, coherent tax plan to help the UK meet its net-zero target.

Bumps in the road

However, the UK government has also come in for criticism for cutting electric vehicle grants by £500 while continuing to freeze fuel duties of petrol and diesel vehicles. The Department for Transport will now provide grants of up to £2,500 for electric vehicles on cars priced under £35,000. This is a reduction from the previous £3,000 available for vehicles costing up to £50,000.

The government says this means the funding will last longer and be available to more drivers. However, critics say the cut in grants sends the wrong message, while the fuel duty freeze highlights the challenge facing the government as it seeks to assist the post-COVID recovery whilst also building back better.

How we can help

We aren’t just your average accountants. We offer a wide range of business advisory services to help you make the right decisions for your business to grow and improve. With over 40 years experience our team is dedicated to really understanding your business.

We believe by staying up to date with not only current but changing legislation and industry news we are better placed to help our clients and their businesses succeed.

If you would like to know how Loucas can assist you please do not hesitate to contact us.