In a bid to recover unpaid property taxes in the North West, HMRC has launched a specialist taskforce to investigate those with undisclosed capital gains and rental income.
Des Veney, Director of Haines Watts Chartered Accountants, believes that as a result of the targeted approach, people who have sold one or more properties without declaring their taxes will be forced to come clean.
He warns that HMRC will use intelligence and data gathered from various sources including the Land Registry and the Valuation Office Agency to track down those committing tax evasion. In addition to being faced with significant financial penalties, some cases will also result in a criminal conviction.
Des, who is based in Pacific Chambers in Victoria Street, said:
“HMRC is cracking down on tax dodgers from across the North West by utilising expert taskforces who have the ability to gather strong evidence that points to evasion and fraud. They will do so by carrying out rigorous bursts of activity surrounding specific sectors and geographical locations.”
“Due to these heightened investigations, those that have undeclared property taxes will be accurately pinpointed on the government’s radar. They will then be contacted by officials who will challenge the validity of their tax affairs.”
The latest taskforce aims to build on HMRC’s previous successes in London, South-East England and Yorkshire, whereby more than £12 million was recovered following the 80 cases inspected. It is expected that these figures will increase during the current North West investigations.
Des added:
“My advice for people with undeclared property gains or income is to make an appointment with one of our tax specialists as soon as possible. By offering a voluntary disclosure at an early stage, the risk of prosecution will be minimised and financial penalties may also be lowered.”
For more information about Haines Watts Liverpool visit http://www.hwca.com/accountants-liverpool/ or call 0151 227 3463.