Calling all Landlords
April 22, 2016
Settle your taxes before HMRC finds out you are letting residential property.
There are big advantages to making a voluntary disclosure using HMRC’s Let Property Campaign before HMRC enquire. These include:
Lower penalties
Reduced risk of criminal proceedings
• HMRC has recovered over £50 million in additional tax as a result of a crackdown on landlords who have undeclared or under-declared rental income.
• Since the Let Property Campaign began over 40,000 landlords who failed to come forward voluntarily have been sent “prompted disclosure” letters, resulting in increased penalties.
HMRC have developed a powerful computer system which makes it very easy for them to identify people who may not have paid what they owe. They have access to:
· The Land Registry
· The Electoral Roll
· Landlord Deposit Scheme Records
So HMRC may already know about your property income – tell them before they come knocking.
If you want to minimise penalties and reduce the risk of criminal proceedings, get in touch with your local tax team at Bevan & Buckland. With our experience in preparing successful disclosures we will talk you through the process at a free initial meeting.
Lee Bradley
Tax Director
01792 410119
email: lee@bevanbuckland.co.uk
Bevan & Buckland Accountants Swansea Tel: 01792 410100
Bevan & Buckland Accountants Haverfordwest Tel: 01437 760666
Bevan & Buckland Accountants Pembroke Tel: 01646 682383
Bevan & Buckland Accountants Carmarthen Tel: 01267 233115
Bevan & Buckland Accountants St David’s Tel: 01437 720352
Chartered Accountants, tax and financial planners Langdon House, Langdon Road, Swansea, SAl 8QY 01792410100 tax@bevanbuckland.co.uk