By Steven Pinhey, Tax Director
We all bury our heads in the sand sometimes or have things we put off. Putting things right with HMRC, when we have received income that needs to be taxed, is often one of them. What starts off as a hobby - just selling to family and friends - can soon escalate to a position where there is a significant amount of tax due to HMRC. Buying or inheriting a second property and not fully understanding the tax rules when the letting the property out can also leave the unwary with an unwelcome tax bill.
Luckily, HMRC recognise that people sometimes overlook disclosing things. They have run various campaigns to encourage people to bring their tax affairs up to date and stop them getting it wrong in the future.
At Lubbock Fine our team are experienced at making disclosures to HMRC using their campaigns facility.
There are currently four active campaigns and these are:
- Let Property Campaign
This campaign targets the residential property lettings market and offers a chance for landlords to get up to date, put right any errors they may have made and remain compliant.
- Second Incomes Campaign
This campaign offers employees who have not declared additional untaxed income a chance to pay what they owe.
- Credit Card Sales Campaign
This is aimed at individuals and businesses that accept credit or debit card payments for goods or services and haven't registered with HMRC or declared all of their income.
- National Minimum Wage Campaign
This is aimed at employers who have failed to meet the National Minimum Wage requirements.
People who fail to take advantage of HMRC's campaigns and are subsequently found out by the taxman can expect greater penalties as a result of not using a campaign when they were able to.
For anyone who thinks they may have an issue with HMRC, for which there are no current campaigns, we at Lubbock Fine are able to make to voluntary disclosures to HMRC to minimise the penalty exposure and handle the process in an painless, expedient and commercial way.
If you would like to talk to us in a discreet and confidential manner about a disclosure that you need to make to HMRC, please speak to Steven Pinhey, our Tax Disputes and Resolutions Director, on 020 7490 7766 or email firstname.lastname@example.org.