Its a weekend of celebration for Her Majesty and many will be holding street parties and decorating their homes with bunting and the Union Jack. So perhaps a little surprising that Her Majesty’s Revenue and Customs (HMRC) has chosen now to announce a new crackdown on tax evasion from rental properties. HMRC “task force” teams (rather a dramatic term, don’t expect them to swoop down from helicopters on a rope!) will be inspecting the books to ensure that tax is being properly paid – all part of the focus to ensure that everyone is paying their dues in these austere times. The focus will be on London, Yorkshire, East Anglia and the North East. They anticipate finding £17m of unpaid taxes. So whilst you take a bite on your community burger, be mindful of the fact that the landlords amongst you need to have your tax affairs in order (which of course is true of anyone anyway).

Mike Eland, the Director General of Enforcement and Compliance for HMRC said “These six 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 you should be paying can land you with not only a heavy fine but possibly 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”.

Remember tax avoidance, (using the tax rules and allowances to your advantage – such as ISAs, pensions, capital gains tax allowances) is perfectly legal but tax evasion is most definitely illegal. I would also remind you that it is now a requirement for Financial Advisers and Accountants to whistleblow on suspected tax evaders (failure to do so can result in a custodial sentence). Thankfully, this has never been an issue with any of our clients.

We are a boutique firm of financial planners. We create financial plans designed to achieve a desired lifestyle. We will craft and implement your plan that will provide you with the greatest chance of accomplishing your unique goals based upon the values that you hold. Financial products are little more than the tools to achieve your required results
Call us today or visit our website for more information and to arrange a meeting