9th March 2015
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:
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.