HMRC taskforce checking property rentals E.Anglia,London,Yorks & NE

tbs624

" A new taskforce to tackle tax evasion on property transactions was announced 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.”

Source

Werdnal

Only a matter of time before they start doing this everywhere, and quite right too!

Wonder if they share their findings with other organisations - mortgage lenders for instance, where they find tax on rental income has not been paid and LL have dodged their CTL permission!

tbs624

See the related report and the comments re VAT here

nollag2006

Shouldn't HMRC have been doing this for years?

It staggers belief, as a law abiding taxpaying LL, that the revenue have only woken up to this.

ognum

nollag2006 wrote: »

Shouldn't HMRC have been doing this for years?

It staggers belief, as a law abiding taxpaying LL, that the revenue have only woken up to this.

I agree, let in the quoted areas and feel happy that I can sleep at night.

I think that there is a general lack of understanding of the payment of tax. Letting agents do not inform prospective landlords of the tax implications so unless people already use an accountant they can happily spend their income without understanding the tax implications.

I know that ignorance is not a defence but......

phill99

Amazon has had a revenue in the UK of over £2.5 billion in the last 3 years but has never paid a penny in tax to the British Government. I can't help thinking if all the large companies paid their fair share of tax (Boots, Vodafone), then HMRC wouldn't have to spend so much of their resources investigating the small fry which will end up yielding very little in the big scheme of things.

BitterAndTwisted

That's all very well but would have a huge impact on the Tory party's members and their donors. That would be just one hornet's-nest too far. Better by far to get the little guys, that's a vote-winner. Especially if you read certain daily newspapers

propertyman

Yes all those companies paying their full tax bill.

Then they move jobs overseas, their revenue base abroad.

Prices go up and there is no tax or NI income from former employees many who will become benefit recipients.

So it's not so much the corporate revenue but the total revenue they generate, and the effect of the removal of jobs and that income to elsewhere.

phill99

propertyman wrote: »

Yes all those companies paying their full tax bill.

Then they move jobs overseas, their revenue base abroad.

Prices go up and there is no tax or NI income from former employees many who will become benefit recipients.

So it's not so much the corporate revenue but the total revenue they generate, and the effect of the removal of jobs and that income to elsewhere.

What absolute bullsh1t. Boots aren't going to shut down their shops and move them abroad,neither will Vodafone.

You're evidently sucked in by the Cameron white washing brigade whose only objective while he is in office is to line the pockets of his Etonian cohort.

Get with the programme for Gods sake.

BitterAndTwisted

Eh, tax-avoidance is a very different kettle of fish from tax-evasion. Part of the problem with legal tax-avoidance schemes is that few understand them properly bar the accountancy firms who dream them up, not even the Revenue, which is why they've been challenged.

agrinnall

nollag2006 wrote: »

Shouldn't HMRC have been doing this for years?

It staggers belief, as a law abiding taxpaying LL, that the revenue have only woken up to this.

I imagine this is one of the things that they are now able to do having been given > £900m to investigate tax evaders and avoiders.