Posted by Nick Day on 21 Nov 2012
HMRC Targets South East Rental Property Businesses
HM Revenue & Customs (HMRC) has since May 2011 been using various “task forces” to target perceived tax evasion amongst certain trades, sector and locations.
The latest task force teams to be launched by HMRC will home in on those not paying the right amount of tax in the following sectors/trades:
- The rental property sector in the South East, and
- The “rag trade” industry (manufacturing, wholesale, retail and textile recycling) in the Midlands, North Wales and North West, and
- The alcohol industry in Scotland.
These task forces are expected to raise approximately £17million, and David Gauke, the Exchequer Secretary, stated:
“The vast majority of people play by the rules. We will not tolerate tax evasion and will crack down on the minority who choose to break the rules. It cannot be fair that, while most people are paying the right tax, a tiny minority are not paying what they should. HMRC is on target to collect more than £50 million as a result of taskforces launched in 2011-12.”
We have extensive experience in our team of managing the tax affairs of property letting businesses, whether they are owned by UK tax residents or non-residents. We will ensure that you claim the maximum amount of deductible expenses to reduce your tax liability as far as possible and we can handle any necessary disclosure to and correspondence with HMRC on your behalf.
If you would like any advice regarding the above article or would simply like to discuss other ways in which we could help you or your business, please contact us on 01962 856 990 or email@example.com.
- Property Partnership Incorporation and SDLT
- Non-Resident Landlords – UK Tax Update
- Tax Relief For Residential Mortgages
- UK Property Sales: Capital Gains Tax for Non-Residents
- Top 10 Expat Tax Tips for Individuals Moving to the UK