Resolving HMRC Enquiry for Underdeclared Property Income

HMRC Investigation

A client received a letter from HMRC regarding undeclared property income.

As this was a prompted enquiry, the risk of higher penalties was significant, causing considerable worry for the client.

Task

Our task was to assess the level of underpaid tax and negotiate a settlement with HMRC, avoiding the need for a formal let property campaign disclosure.

Action

Assessment and Evaluation

We quickly assessed the level of underpaid tax related to the client’s property income.

Negotiation with HMRC

We were then able to engage in direct communication with HMRC to discuss the enquiry.

Following communication with HMRC we successfully negotiated a settlement without the need for a formal let property campaign disclosure.

Result

Avoided Formal Disclosure

We were able to resolve the issue without necessitating a formal let property campaign disclosure.

Reduced Penalties

Mitigated the risk of higher penalties associated with the prompted enquiry.

Client Reassurance

Alleviated the client’s worry by providing a swift resolution to the HMRC enquiry.

Financial Savings

Saved the client a significant amount of money by preventing prolonged investigations and potential higher penalties.

Summary

We were able to quickly address a client’s HMRC enquiry regarding underdeclared property income, minimising financial risk and stress.

By assessing the unpaid tax and directly negotiating with HMRC, we avoided a formal Let Property Campaign disclosure and significantly reduced potential penalties, providing the client with peace of mind and substantial financial savings.

Getting in touch with us

If you would like to talk to us about a HMRC letter or if you have undeclared income that you are concerned about please take the next step and request a call back or call us on 01634 731390