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Newsletter issue - November 2014
HMRC has set up specialist tax investigation teams to concentrate on recovering unpaid tax from particular business sectors or as a result of tax fraud.
The latest HMRC taskforce teams are looking at:
- fraudulent VAT repayments in the West Midlands and Nottingham areas; and
- property tax evasion in South West England and South Wales.
The property taskforce is using data gathered about property transactions by the Valuation Office in order to target taxpayers who may have sold properties but not declared a capital gain on their tax returns. The same data set will be analysed for possible non-declaration of rental income.
Where rental income has been under-declared the taxpayer can use HMRC's Let Property Campaign to make a full disclosure, and pay a minimum amount of penalties. This involves registering with HMRC to make a disclosure then paying all the tax, penalties and interest due within three months. However, once the HMRC taskforce is at your door, it's too late to take up the generous terms offered under the Let Property Campaign.
If you receive a letter or visit from one of these HMRC taskforces, early intervention from one of our tax investigation experts could save you a considerable amount of stress, and possibly penalties.
