As the newest HM Revenue & Customs campaign is about to be launched for “Property Lets & Landlords” it is interesting to see how these have developed since it was first adopted as a strategy in May 2012. There have been a number of other campaigns targeting specific areas.
- Off shore disclosure – an opportunity to declare offshore accounts and relevant income
- “My Tax Return Catch Up” – aimed at encouraging taxpayers who have a number of “old” returns outstanding (2011/12 and earlier) to submit the returns and bring their affairs up to date.
- Direct Sales & E-Marketplaces – offering disclosure for e-bay and online sales
- Property sales – this is targeting the sale of rental property, inherited properties or second homes that have not been disclosed by relevant taxpayers
- VAT Outstanding Returns – this is to encourage registration (even if late) and an opportunity to bring your returns up to date and then be compliant going forward
- Tradesmen – including Plumbers & Electricians and covered a variety of taxes where non-compliance could be an issue
- Health Plan – aimed at doctors and the medical profession who often have private earnings as well as salaried income
- Tutors & Coaches – again for individuals who offer private tuition and have maybe overlooked declaration in view of amounts
All these campaigns are designed to encourage people to bring their tax affairs up to date and then hopefully provide them with a basis for good compliance in the future.
The emphasis is on voluntary disclosure by offering low or minimal penalties. By targeting specific groups it focuses on areas that taxpayers often over-look but then find it hard to “come clean” because the arrears can suggest a penal approach.
Many of these campaigns have now closed officially but it is never too late to approach HMRC with non-disclosure and doing this voluntarily will minimise potential penalties. With so many people resorting to rental rather than sale due to the current economic climate there are thought to be many taxpayers who now need to get “their house in order”. At Wrigley Partington we can help you make that approach and support you through the process of bringing any arrears up to date. In our book it is never too late!
Download for future referenceHMRC Campaigns
Wrigley Partington Chartered Accountants
Sterling House, 501 Middleton Road
Chadderton, Oldham OL9 9LY
0161 622 0222
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