We recently welcomed a new client who had not disclosed his rental income for several years. He had previously been unaware that he should have completed tax returns historically, as he believed that when he moved and rented out his old property to cover its mortgage, there was no need to declare anything.
HMRC is running a ‘Let Property Campaign’ for people exactly like this client. It gives people the option of voluntarily disclosing undeclared income and correcting the amount of tax they pay in a very straightforward way. It also reduces the potential amount of penalties that would be incurred if they were to go back and complete all of the tax returns for the undeclared years in which they earned income through rental.
Our tax specialists have successfully completed several of these cases in the past, and found that clients have received penalties of approximately only 10-20% of what they would have paid if they had taken the traditional tax return route.
This link to a government publication gives you more information on the Let Property Disclosure. However, if this is an issue that affects you, please feel free to call Denise in our tax team on 020 8530 0720 for additional information, and guidance on the best way to sort things out smoothly and without stress or excess costs.
At Nordens, we're more than just accountants - we're business experts who can help you achieve your biggest goals.
Our specialist strategic division at Nordens boasts some of the leading entrepreneurial business minds in the country. We cater towards delivering consistent success stories, whilst helping businesses achieve above and beyond their initial goals.
Through highly-tailored guidance, coaching and advice, Nordens Strategic are able to define exactly how your business can reach new levels of success.
Regardless of how you define ‘success’ for your business, our strategic service is guaranteed to bring about real and lasting change. By partnering with some of the UK’s top business coaches, we’ll steer you along the path to a greater future.
Every business, no matter how big or small, needs to make the right decisions, and how to best manage your accounts can put huge question marks over your business. Accounting2You is here to take that pressure off and provide you with all the answers you need.
Our bookkeeping branch offers a fully inclusive, comprehensive service that you can trust. Since 2005, our specialist bookkeepers have been successfully managing the accounting of both individuals and small businesses.
With experts in payroll analysis, credit control and financial recording, Accounting2You will lead your business efficiently, and with real purpose, towards a prosperous future.
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In November 2002, having sold our other business interests off earlier in the year, I decided to set up Nordens Chartered Accountants. The easy part was knowing how to do it, as I had established and built a smaller practice a few years earlier. The difficult part, for me, was not following the traditional accountancy path. Having run businesses, both successfully and unsuccessfully, I wanted to help business owners resolve their short term problems and work with them to achieve their longer term goals. Business has always been my interest and I love that I can help business owners achieve what seems like the impossible every single working day.
Our limited company accountants have a range of qualifications from The Institute Of Chartered Accountants (ICAEW) to the Association of Chartered Certified Accountants (ACCA). We worry about the bye-laws, regulations and ethical guidelines of the ACCA so you don’t have to! That makes us an ACCA-accredited employer as well as a Professional Passport-accredited one!
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