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Where Taxpayers and Advisers Meet

prosecution policy

agonyaunt
Posts: 5
Joined: Wed Aug 06, 2008 3:16 pm

Postby agonyaunt » Sun Jan 30, 2005 7:48 am

I have advised a friend to come clean with the taxman as he has undeclared income on a rental property.The problem is this stems over at least 6 years and I reckon he owes them about £3k.the stumbling block is he thinks they will just lock him up and throw away the key!.I have told him to get proffessional advice as I am not an accountant.Does anybody specialise in this area and what would the likely outcome be.Thanks.Agony Aunt.

johnfkavanagh
Posts: 335
Joined: Wed Aug 06, 2008 3:08 pm

Postby johnfkavanagh » Sun Jan 30, 2005 11:40 am

He should certainly declare the income. The Revenue has a policy of selective prosecution and if it were currently fashinable to wear hats, I would certainly eat mine if they even thought about prosecution in your friend's case! They will look for interest and penalties but even these will be less if he makes a voluntary and complete disclosure.

John Kavanagh
UK Tax Consulting Ltd
Chartered Tax Advisers
www.uktaxconsulting.co.uk
mail@uktaxconsulting.com
Tel: 020 7060 1660
Fax: 020 7060 1663
John Kavanagh CTA ATT FRSA
Director, UK Tax Consulting Limited

agonyaunt
Posts: 5
Joined: Wed Aug 06, 2008 3:16 pm

Postby agonyaunt » Mon Jan 31, 2005 4:15 am

Thanks for the info - I will pass the info on and give him your details. Perhaps he should invest in computer - would it be tax detuctable!!


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