HMRC has announced its latest Task Forces along with details of its forthcoming campaign focusing on landlords, reports Harris & Co chartered accountants.
Latest Task Forces
Construction industry – London. HMRC expects to raise £3 million from this sector.
Security guards, bouncers and their employers – London and the South East. HMRC has seen an increased risk of fraudulent VAT repayment claims in this business sector and expects to collect £10 million.
Second-hand motor traders – Midlands. £3 million is the anticipated yield from this Task Force.
Hidden wealth/’means’ issues – Midlands. HMRC expects to deliver £3 million from comparing people’s lifestyles to known assets, in what is likely to be highly contentious Task Force activity.
Let Property Campaign
The Let Property Campaign is designed to encourage residential property landlords to come forward and voluntarily disclose any undeclared rental income to HM Revenue & Customs.
Although the campaign will be directed at all residential landlords, HMRC is particularly focusing on:
Landlords who let to students/groups of workers.
Landlords who let out holiday accommodation.
Landlords who let out properties for multiple occupancy.
More information about this activity can be found on the Abbey Tax Blog.