HMRC is writing to over 1,500 people who have sold a second home or buy-to-let property in the 2015-16 tax year but not declared a profit on which capital gains tax would potentially be liable. The letters, of which the wording is still being finalised, will ask recipients to explain why they have not paid the tax that HMRC’s computer models indicate they owe.
Chas Roy-Chowdhury of the ACCA said the HMRC initiative should serve as a “wake-up call” to existing and former landlords or owners of second homes, some of whom may not realise they owe tax.
If you believe this is something that may affect you, disclosing your knowledge before HMRC contact you to charge a penalty fee will be in your favour.
We can help you make a full disclosure to HMRC and guide you through the process to settlement and negotiation of the penalty.
If you would like to discuss this further, please contact Julie Walsh on 01254 679131 or via email at firstname.lastname@example.org.