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Owe tax to HMRC – take advantage of a campaign

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DEC 2016

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Registered office: 61 Friar Gate, Derby, Derbyshire, DE1 1DJ   T: 01332 202660

Adrian Mooy & Co is the trading name of Adrian Mooy & Co Ltd.  Registered in England No. 05770414

Registered to carry out audit work by the Association of Chartered Certified Accountants - auditregister.org.uk 8011438

HMRC run various campaigns which encourage people to get their tax affairs up to date in return for more favourable terms.

Let property campaign

The let property campaign is open to all residential landlords with undisclosed taxes. This may include landlords with multiple properties, landlords with single rentals, specialist landlords letting property to a particular type of tenant, such as student lets, holiday lettings and individuals renting out a room in their home under the rent-a-room scheme.

Credit card sales campaign

The credit card sales campaign is a settlement opportunity for individuals and companies who accept credit and debit cards and who have not reported credit and debit card transactions on a tax return. Reduced penalties are offered  for making a disclosure

Second incomes campaign

The second incomes campaign is aimed at employed individuals who have additional income which is not taxed through PAYE and which has not been declared to HMRC. Taxpayers making a disclosure under the scheme benefit from reduced penalties.

Making a disclosure

The first step is notify HMRC of the intention to make a disclosure under the campaign. The next stage is to make the disclosure.  Once the disclosure is complete, the taxpayer must then complete the declaration.  The taxpayer must make an offer for the full amount owed. The offer, together with HMRC’s acceptance letter, creates a legally binding contract between the taxpayer and HMRC.  HMRC will review the disclosure and if they decide to accept it, an acceptance letter will be sent.  Payment should be made within 90 days of the deadline given on the acknowledgement letter.

Tax planning
Tax problems