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Are You A Landlord Or Landlady?
If you are a landlord/landlady who have not declared their rental income on a self assessment tax return, then beware! HMRC have linked up with the Land registry and it is probably just a matter of time before they contact you. Should this happen the consequences can be extremely severe with penalties as much as 100% of taxes owed.
HMRC currently have an amnesty which basically means that any landlord/landlady who discloses the fact there is undeclared income may only have to pay back the Taxes owed. If HMRC come to you, these penalties can be severe, and you would still need to pay the taxes. Why not contact CAB Accounts NW Ltd who are accountants in Chorley to discuss your position before it becomes a real issue.
We believe it is a matter of when, not if, that HMRC will contact you and they can then go back years to recover these taxes and therefore penalties. As principally accountants in Chorley we also cover the PR, WN, BB and BL postcodes.
This process is usually started on line and whether you use a letting office or deal directly with your client then we would need to see your Income/Expenses to facilitate this online submission. As accountants in Chorley we complete self assessment tax returns all the time, usually at a third of the price of a conventional high street accountant so our costs for this process can save you considerable money.
Please visit our website at www.cabaccountsnw.co.uk for a complete list of our services and prices.