Tax evasion in East Dulwich?

[macroban]

I wonder if this investigation will be coming our way.

[macroban]

Wrong call, Admin?

Perhaps it should be in the residential property section?

[snorky]

for many many landlords, book cookery is the only way they can come out even - given that BTL purchasers of late piad top ? for squalid little properties and assumed a decent annual capital appreciation offset any day to day shortfall in between income/ expenditure - a surrogate savings policy for many - i.e they subsidised their flat costs to reap the benefits when they come to sell.

The amount of loading you could stick on ofsetting items towards tax is open to interpretation by many and renovation/ upgrading as opposed to manintainence has been offset against any tax bill - naughty

I know people who ask for a summary of the insurance bill for their own home & their rental property and submit the entire figure against their rental income.The capital gains issue , whereby people move back for a month or two to restart their capital gains free allowance is an obvious way in whcioh people think they can circumvent the rules

I thuink many who receive this letter may rapidly rethink their views on how much of a crime tax evasion actually is

[macroban]

I've received a letter from my accountant offering a flat fee service to put my buy-to-let activities on a sound basis before the HMRC investigation takes place.

Strange as I don't do buy-to-let, but there must be a reason I was sent the letter.

[Brendan]

I read the title to this thread and thought you may just be offering general advice. :-S

[*Bob*]

McR,

Did your accountant disclose how much said flat fee might be?

Or would that depend upon how unsound a basis your hypothetical buy-to-let activities rested?

[macroban]

Flat fee ?140 pcm.

[*Bob*]

Oh, I see.

A flat fee, every month, in perpetuity.

I love accountants.

[Asset]

me too!

[SteveT]

Wouldn't trust any assets of mine to an accountant;-)

[KalamityKel]

Didn't fink they dealt with those kinds tho...

[macroban]

An update on HMRC investigations.

[DaveR]

The key point in that report is:

"HMRC can now cross-reference information from the Land Registry, stamp duty records and property agents? records with taxpayers? self assessment to identify culprits."

HMRC are looking for easy wins, and as such will always go looking for areas of the black/grey economy where they can obtain reliable information in bulk. Letting agents are an obvious target for information gathering - the rent they collect is income for someone. HMRC have been looking at (and prosecuting) landlords who have been not declaring at all for a few years now - it's an obvious next step to look at those who are declaring but, on the face of it, not enough.

[Horsebox]

Interesting. My landlord phoned me earlier this week to clarify when exactly I moved in to the flat as he had some tax forms to complete. I wonder if this is related?

[Sonners]

I am surprised that a landlord would not have details of when his tenant moved in. Is there not a lease in place? Such shoddy record keeping could be indicative of undeclared income and it therefore seem reasonable that HMRC are cracking down on this particular sector of taxpayers. Those who have been honest in their declarations have nothing to fear and those who have not should be paying their dues IMO.