HMRC targets property rentals
We are committed to helping our clients meet properly their tax compliance obligations to HMRC, while at the same time giving advice on the deductions and reliefs available so that no one pays more tax than they should out of ignorance.
We recognise that there are some who have not yet advised HMRC of their potential liability to tax in respect let property and sales of investment property. We are happy to help people to make those steps to join the tax system and to represent them in dealing with HMRC, and where necessary to discuss with HMRC on behalf of our clients any settlement of back taxes.
The following are extracts from an HMRC press release published on 31st May 2012
“A new taskforce to tackle tax evasion on property transactions was announced on today by HM Revenue & Customs (HMRC).
The taskforce covering East Anglia, London, Leeds, York, Leicester, Nottingham, Lincoln, Durham and Sunderland is expected to recover more than £17m from tax dodgers.
Taskforces are specialist teams that undertake intensive bursts of activity in specific high-risk trade sectors and locations in the UK. The teams will visit traders to examine their records and carry out other investigations.”
HMRC’s Mike Eland, Director General Enforcement and Compliance/or local taskforce lead, said:
“These new taskforces will bring together specialists from across HMRC to tackle tax dodgers. If you have paid all your taxes you have nothing to worry about. But deliberately evading tax can land you a heavy fine or even a criminal prosecution as well.
“This is not an empty threat – HMRC can and will track you down if you choose to break the rules.””
HMRC can level severe penalties on individuals whom they track down who have undeclared income. While we can of course help such people settle their obligations to HMRC, it is far better to make a voluntary disclosure of previously undeclared income and gains, and generally much less costly then being caught in the HMRC dragnet.
If you have a property tax issue like this, or indeed any tax issue re your investment property and buy-to-lets, why not call us on 0845 456 3583 (local rate) or 01702 205066, or email firstname.lastname@example.org?