With HMRC looking to change the way our clients keep their records, join us for an update on what their proposals are and how they will affect you. Clients and non-clients welcome:
Halliwell Centre, Trinty Colleage, Carmarthen:
- 2pm 5th April
- 7pm 5th April
- 10am 6th April
Agriculture House, Winch Lane, Haverfordwest
- 4pm 3rd April
- 7pm 3rd April
To attend any of the sessions please email: firstname.lastname@example.org or call 01267 237534
With the recent ending of the Property Sales Campaign on 6 September 2013, HMRC are continuing the theme of targeting property owners who have not declared the correct tax by offering a new campaign aimed at undeclared rental income.
HMRC are looking at landlords who own properties and let them on a variety of different basis aside from long-term lets including holiday lets, student lets and workforce lets.The campaign will last an unusually long time of 18 months during which taxpayers can come forward at any point with a disclosure of their undeclared income from rented properties.
HMRC can rely on a wealth of available information to identify landlords who have either not declared any rents or are not declaring all rents received. This can be from a number of sources including computerised records from other government agencies and local authorities, freely available information from the internet and information gathered from HMRC surveillance or tip-offs from the public. Disgruntled tenants can be a good source of information to HMRC!
As ever, lower penalties can be negotiated for those who come forward as part of the campaign. Those who do not come forward can expect higher levels of penalties should HMRC later catch up with them and in certain cases criminal prosecutions can also occur. HMRC has estimated that 1.5 million landlords underpay tax totalling £500m every year and would therefore view this as a big opportunity to claw some of this tax back, hence the longer than usual period the campaign is open.
If you are concerned by this approach by HMRC and require any advice then please do not hesitate to contact us for further details.
The latest budget report was unveiled on the 25th March 2012. If you have any queries, please contact your business partner in the firm. Watch this space the pre-budget report from the end of November and next year's budget in March 2013.
We are also pleased to offer our clients fee protection insurance to cover the cost of accountancy fees incurred in dealing with a HMRC enquiry. With HMRC looking to raise even more taxes, this is an increasingly popular service that our clients are taking up. If you require further details on this please contact the office.
Look out for our monthly column in the Carmarthen Journal.
Join our mailing list to receive our e-mail newsletter with industry news.Join Mailing List
© LHP Accountants Ltd 2011 - 2017. All rights reserved.