HMRC has tax investigation teams that are solely focused on collecting any unpaid tax from specific business sectors, or as a result of fraud.
The latest taskforce teams are particularly concentrating on:
West Midlands and Nottingham – fraudulent VAT repayments
South West England and South Wales – property tax evasion
The property taskforce uses transaction data from the Valuation Office to target taxpayers who might have failed to declare a capital gain on their tax returns, after selling properties. The same method will be used for analysing potential non-declarations of rental income.
If there’s any under-declared rental income, the taxpayer can make a full disclosure by using HMRC’s Let Property Campaign and paying the minimum penalty amount. Making this disclosure requires registration with HMRC and then paying all the tax, penalties and interest due within three months. Once the HMRC taskforce is at your door however, it’s too late to use the Let Property Campaign’s generous terms.
If you do receive a letter or visit from one of these HMRC taskforces, early intervention from our tax expert could save you a considerable amount of stress, and possibly even penalties too.
Please get in touch asap if you have any concerns or there’s anything we can help you with.