Looking for a wee bit of help with the HMRC's let property campaign.
I have been approached by a new client who let properties out. She was a bit confused about the rules and thought that she only needed to tell HMRC once she started making money (i.e. the mortgages were paid off). Anyway, I have ploughed through her records and made up her accounts and now find she has a loss of around 12k to date and has never made a profit from renting properties.
She doesn't meet the HMRC criteria for not completing a self assessment as she has gross rents of more than £10,000 per annum, but when I plug the figures into the calculator at https://www.gov.uk/let-property-campaign is says there is nothing due. Do I just submit the disclosure form and wait to see if they want to start looking for penalties? Has anyone done this?
