We will be pleased to help anyone who would like professional advice to help get their tax affairs in order and get advice on approaching HMRC. HMRC’s guidance is here. If after reading it you believe you need help, please call us on 01702 205066 or email firstname.lastname@example.org
Are you a landlord who has letting income to declare to HMRC which you should have reported before?
Here is an extract from an announcement made by HMRC on 19th September 2013 under the heading “Tax opportunity for landlords to put house in order”:
“Landlords who rent out residential property, and fail to tell HM Revenue and Customs (HMRC) about all the rental income, are being offered the chance to come forward and put their tax affairs straight – before HMRC comes to them.
HMRC estimates that up to 1.5 million landlords in this sector may be underpaying up to £500 million in UK tax every year.
Under HMRC’s new Let Property Campaign, landlords who may owe tax – whether through misunderstanding the rules or deliberate evasion – can come forward and tell HMRC about any unpaid tax on rents, and pay what they owe, including any penalties and interest due.
The campaign is open to all residential property landlords – from those that have multiple properties, to single rentals, and from specialist landlords such as student or workforce rentals, to holiday lettings. HMRC will be working with a variety of bodies over the next few months to develop tools and guidance to support landlords of all types and help them get their affairs up to date.”
The gist of this is that if you come forward to pay your tax and any back interest, HMRC will not “throw the book at you” with regard to penalties. You will not avoid them, but you should take advantage. If they catch you first you will end up paying more.
Why not ask us to help you “bite the bullet” and pay what you owe? We will make the initial approach to HMRC, act as a “buffer” between them and you, and make sure you get as good a deal as we can get for you.
Of course the ultimate responsibility is yours, but we would love to help you take the weight off your shoulders so that you do not have to worry.
Call us now on 01702 205066 or email email@example.com
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?