Undisclosed Property Income
Mrs H contacted us in April 2023, HMRC had contracted her about undeclared property income dating back to 2010-11. Mrs H had already been in discussion with HMRC and supplied information and HMRC had made an assessment in March 2023, the assessment added up to £54,798. HMRC request agreement and payment by 11th April 2023.
The clients daughter was already a client and felt the assessment seemed to too high and suggested Mrs H seek advice from a property tax expert and recommended us.
Mrs H had spoken to other accountants and felt little could be done.
We asked HMRC for more time to which they agreed.
Detailed Analysis
We reconstructed the records for the period 2021-22 to 2010-11. This was highly detailed work looking at
- Bank Statements
- Letting records
- Expenses
- Credit Card Statements
- Other records
This was basically a forensic exercise, we shared the information with HMRC and questions went backwards and forwards over many months.
HMRC Agreed Figures March 2024
Its take a year, but on the 11th March 2024 HMRC issued a new assessment requesting payment of £22,713 which Mrs H has accepted. Saving £32,085 on the original assessment.
This is a great example of how compiling accurate and detailed records can save you considerable amounts of tax.
It also demonstrates the need to work with an accountant who is an expert in Property Tax.
Feefo Client Review
I’m so grateful and honoured to have been recommended the outstanding service of Bicknell. Long may it continue.
Star Rating: ★★★★★
Contact Us
If you need help book a virtual meeting and we can have chat
steve@bicknells.net
