Property Income tax/Undeclared rental income

HMRC needs to be reported if income from property rental is from £2,500 to £9,999 after allowable expenses, £10,000 or more before allowable expenses.

Experts at Groupacc Taxation have been advising individuals and businesses on the following areas,

• Stamp duty issues, changes, and updates
• Advice on the changes to mortgage interest relief
• Transactional advice
• Organizing and reviewing mortgages
• Tax planning for jointly owned property
• Inheritance tax planning involving property
• Comprehensive property tax advice includes planning and consultancy
• Residential and commercial property tax calculation and tax-efficient advice
• Property VAT planning and advice
• Holding properties in a limited company and mortgage considerations
• Non-resident landlords (NRL)
• Furnished holiday lettings

HMRC is targeting tax evasion by residential or buy-to-let landlords. HMRC has introduced The Let Property Campaign that gives you an opportunity to bring your tax affairs up to date if you’re an individual landlord who is letting out residential property in the UK or abroad and to get the best possible terms to pay the tax you owe.

Let property campaign is open until next year, further on HM Revenue & Customs will charge high penalties. If someone does not take benefit from this, the client may end up paying a 100% fine which in other cases can be 0%-20%. The penalty depends upon the ‘prompted’ or ‘unprompted’ disclosure or type of concealment, moreover, interest will also be charged from the date of the tax due till the date it is actually paid. Our experts atGroupacc Taxationcan help you to advise how to avoid penalties.

Many of our clients are coming ahead and declaring their income under this scheme. Our experts have years of experience in dealing withlet property campaignsand can guide you legally to reduce your tax bills and avoid defame and huge penalties.

Many clients take the opportunity of not declaring the rental losses as permitted by HM Revenue & Customs but experts at Groupacc Taxationhave advised them to avail this opportunity to declare and carry forward losses to reduce rental profit.

Groupacc Taxationhas a Tax specialized partner and consultant who has specialized and significant experience in dealing with Voluntary Tax Disclosures and Tax investigations.

Ex-HMRC inspector and consultant at Groupacc Taxationadvise our client in the best possible scenario and how to minimise potential penalties and interest. Groupacc Taxation helps clients in making affordable and negotiate repayment terms. We advise cost effective and fixed fee arrangements.