Tax investigations into property transactions
SUNDERLAND AND DURHAM HIGHLIGHTED BY HMRC
A North East letting agent is highlighting the latest announcement made by HMRC to investigate property transaction tax in Sunderland and Durham.
Ajay Jagota, managing director of KIS Lettings, has already put in place an accounting system whereby all landlords who have property with KIS can view their transactions online and print off statements, making tax returns much easier.
Ajay is already working on a further service whereby KIS will partner with accountants to enable landlords to complete their tax return statement at a click of a button.
Ajay commented: "We're already doing more than any other letting agent to ensure our landlords have all of their financial information to hand, in one place, to make their tax return as easy as possible.
"However, we're always looking at ways we can add value, innovate and set KIS apart from any other letting agent in the UK. We've already invested in the Sage accounting system and we are diversifying this to provide a service for landlords which will allow us to format a tax return document at the click of a button."
See full HMRC release below...
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.
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.
If you are aware of someone who is evading their taxes you can tell HMRC via the Tax Evasion Hotline by phone, on 0800 788 887, email or by post. Full details can be found at www.hmrc.gov.uk
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