Undeclared Income

05th June 2024

Each year HMRC identify and open enquiries into millions of taxpayers who have untaxed income which has not been disclosed to HMRC. Most typical cases involve those who rent properties, have investment income or are operating a trade.

Some will do this deliberately; others claim they thought that being employed resulted in all their tax being deducted at source.

Unfortunately, it is the taxpayer obligation to inform, notify and file relevant tax forms with HMRC so ignorance is rarely considered a reasonable excuse when penalties are being issued by HMRC.

HMRC also has the power to backdate tax enquiries for up to 20 years.

If you have undisclosed income or gains HMRC have imposed various campaigns where it is easy for a taxpayer to bring their affairs up to date. If completed voluntarily there are reduced penalties and in some cases no penalties at all as HMRC want to encourage those with undisclosed income to bring their affairs up to date.

If you have recently been approached by HMRC or had notice of a tax investigation or have undeclared income or gains which you would like to disclose, please get in touch as we have represented a significant number of clients.

If we were representing you, we can correspond directly with HMRC on your behalf and where possible give a best estimate of the expected outcome of the event.

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