At scottfraser Investments we have our finger firmly on the pulse of the Oxford investment market.
Our Investment Search and Acquisition Service is tailored to the needs of landlords who lack the time, experience or desire to commit to researching the market and undertaking the necessary legwork for viewing properties.
John Gebbels, Property Investment Manager, brings a decade of experience both in Oxford and Central London, and specialises in sourcing and securing prime buy-to-let property.
A new taskforce to tackle tax evasion on property transactions was announced today by HM Revenue & Customs (HMRC).
The taskforce covering East Anglia, London, Leeds, York, Leicester, Nottingham, Lincoln, Durham and Sunderland is expected to recover more than £17m from tax dodgers. However it is unclear what has prompted the investigation.
Taskforces are specialist teams that undertake intensive bursts of activity in specific high-risk trade sectors and locations in the UK. The teams will visit traders to examine their records and carry out other investigations.
David Gauke, the Exchequer Secretary, said:
“HMRC is on target to collect more than £50m as a result of the taskforces launched in 2011/12.
“We have made it clear that we will not tolerate tax evasion – everyone needs to pay the taxes they owe in full. We are determined to crack down on the minority who choose to break the rules. It is not fair, that at a time when most hard-working people are paying the right tax, others are trying to get out of paying what they should.”
HMRC’s Mike Eland, Director General Enforcement and Compliance/or local taskforce lead, said:
“These new taskforces will bring together specialists from across HMRC to tackle tax dodgers. If you have paid all your taxes you have nothing to worry about. But deliberately evading tax can land you a heavy fine or even a criminal prosecution as well.
“This is not an empty threat - HMRC can and will track you down if you choose to break the rules.”
HMRC launched 12 taskforces in 2011/12. Thirty will follow in 2012/13.
Taskforces are a result of the Government’s £917m spending review investment to tackle tax evasion, avoidance and fraud from 2011/12, which aims to raise an additional £7bn each year by 2014/15.
In addition to a crack-down unpaid landlord tax it is speculated that HMRC may in fact also be looking at unpaid VAT. Many landlords providing temporary accommodation – perhaps to seasonal agricultural labourers, students or even homeless people – may not realise that VAT is chargeable on temporary accommodation as HMRC treats it in the same way as hotel or guest house accommodation.
Landlords may not be registered for VAT when they should be and so could face a back-dated VAT claim.
Although the taskforces are not initially focusing on Oxfordshire it would be wise for landlords in this area to consider their tax and VAT options sooner rather than later as fines are likely to increase in the future as HMRC makes the public more aware of tax evasion issues in the private rented sector.
scottfraser work closely with expert landlord tax advisors Shaw Gibbs and are able to offer a free of charge one hour consultation with them for scottfraser landlords. If you are concerned about these issues please contact any of our branch managers who will be happy to introduce you to the team at Shaw Gibbs.
Branch Manager - East Oxford Lettings & Property Management
01865 244666 / email@example.com