What is the LPC disclosure process?
Irrespective of whether HMRC issue you with a ‘nudge letter’ or you elect to come forward voluntarily, the LPC disclosure process is as follows:
1. Registration – This notifies HMRC of your intention to make a voluntary disclosure. Within 15 days, HMRC will confirm receipt and issue a disclosure reference number (DRN).
2. Disclosure – The LPC disclosure must be submitted within 90 days of HMRC confirming registration. The disclosure must include:
- The unreported rental income
- The arising tax, interest and penalty liabilities
3. Payment – This must be made at the time of submission unless a time to pay arrangement has been agreed with HMRC.