An update on HMRC's Let Property Campaign

30 April 2015 • HMRC News, Tax Videos

Launched in autumn 2013, the Let Property Campaign provides buy-to-let and other private landlords an opportunity to make a full and voluntary disclosure on very favourable terms.

In 2014, around 40,000 landlords who failed to come forward voluntarily were sent a ‘promoted disclosure’ letter, however they would not receive the same favourable conditions as an ‘unprompted disclosure’.

Those who ignored the letter risk penalties of up to 100% of the unpaid liabilities, an investigation and in certain cases criminal prosecutions.

Process
Under the Let Property Campaign HMRC must be notified that you wish to make a disclosure. Once notified you have 3 months to bring your rental accounts up to date and complete the disclosure form. We have found this campaign very useful and to date all the offers we made to HMRC have been accepted.

Reason for making a disclosure
With increased data gathering actives, it is less likely a case of if, and more likely when, HMRC catches up with you.

Landlords with undeclared or under disclosed rental income who have not yet been contacted by HMRC and want to regularise their affairs should do so as soon as possible. Very favourable terms and affordable repayment plans can often be negotiated.

If you would like more information regarding this area please do not hesitate to contact us at Warrener Stewart call 020 7731 6163 and ask for the Tax Team.

Warrener Stewart makes two new signings to bolster accountancy team

27 April 2015 • Warrener Stewart News

Two part qualified accountants, Polish born Magda Rychter and English born Marcus Bullen, who completed his education in America, have chosen Fulham based accountants Warrener Stewart to complete their training as chartered accountants.

Warrener Stewart is one of a number of accountants who recognise the value of working whilst studying to become a Chartered Accountant, since it is an efficient way of learning about the complexities of accounting. Having initially started their training elsewhere both Magda and Marcus wanted to gain broader technical experience and work closely with clients. Consequently both were delighted to be offered the chance to develop their career with the Fulham based practice who specialise in helping small and medium sized business achieve their financial goals.

Upon completing a degree and Masters in Spatial Economics at the renowned University of Lodz in Poland, Magda decided to work within the private sector and choose to embark on a career in the UK. She initially worked within the finance departments for several high street brands, at the successful Tragus Group who operate Café Rouge and Bella Italia, before making the move to join fashion brand Phase Eight. Having worked within the confines of a finance department Magda realized she wanted the challenge of assessing the performance of the business as a whole so joined a small accountancy firm to study for her professional ACCA accountancy exams. To ensure a greater depth of knowledge and experience and work in a more client facing role, Magda was attracted to complete her training with Warrener Stewart.

The son of a merchant banker, Marcus has always been fascinated in how firms make money.  Having completed his education in America he made a conscious decision to develop his career back in the country of his birth. Following an initial two years learning about hedge funds, Marcus joined Ernst & Young in order to develop a career within accountancy working solely in Asset Management. He, like Magda, wanted to be more involved with clients, helping them to understand the business as a whole and helping them to reach their financial goals.

Commenting upon their appointments, director Jon Last who oversees Warrener Stewart’s trainee accountancy programme said; “We were delighted that Magda and Marcus choose to join our ever growing team of accountants and auditors based here in Fulham. They both have unique skills to offer clients; from her initial training in spatial economics Magda has a keen analytical mind. Whilst Marcus has a unique understanding of international business.”

David Bayman promoted to become an Associate at Warrener Stewart

17 April 2015 • Warrener Stewart News

In recognition of David Bayman’s long service at the south west London chartered accountants Warrener Stewart, the board recently agreed to promote him to be an Associate of the Firm.

David joined Warrener Stewart back in 2000; since then he has remained committed to delivering excellent client service to many small owner managed businesses.

“David has consistently supported both us the directors and fellow colleagues during the fifteen years he has worked here,” commented director, Nick Morgan. “We hugely appreciate his dedication and steadfast good, old fashioned hard work ethic – consequently we had no hesitation in making this appointment, which we all agree is fully deserved!”

“For the past 20 years Warrener Stewart has consistently given good advice... going above and beyond their remit.”
Theo Brehony - London Preparatory School Limited