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 Accounting News & Insights

Rental Property

9th March 2015

Rental Property:

If you have not declared rental income to HMRC, You may be considering what options are available to you. A Disclosure under the rental property amnesty would be considered ‘voluntary’ hence any penalties would be significantly smaller than the penalties that HMRC could impose if they ‘discovered’ the matter.

We can provide assistance with the following: 

  • Assess the tax exposure on your let property income for all years quantifying the tax due.
  • Being the main point of contact with HMRC on all matters associated with the disclosure so it is presented in the best manner.
  • Communicating with HMRC and dealing with the penalty negotiation process.
  • Dealing with the disclosure process including guiding you through it and providing you with ongoing support in relation to your tax affairs.
  • Estimating the total liabilities including interest and penalties.
  • Filing any relevant forms with HMRC

The disclosure does not deal with other matters such as the calculation of certain items (e.g. rental losses, etc) HMRC state the treatment of losses can be complex and note that independent professional advice should be sought. Strictly speaking, the advantages of the scheme only run for years up to and including 5th April 2013. The penalties would not be reduced for periods after this date, but prompt disclosure is always recommended. We can assist in bringing your tax affairs up to date, including any years not covered by the amnesty.

Please contact Lois Derby at the Weybridge office to discuss the above or speak to your usual contact at Ward Williams.


Accounting News & Insights

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