I just wondered have many people carried out and let property campaign submissions and if so what penalty rates did you manage to get HMRC to agree to?
I know there is a way to calculate them depending on the type of behaviour and if the tax is over 12 months late and also a reduction for the quality of disclosure.
Obviously each case is different but it seems the penalty rates are still quite high for someone who was non-deliberate, unprompted and discloses over 3 years late.
I have had HMRC agree to a penalty of 23% in the past (I didn't want to push it too much) however this still seems really high and I feel I should try and get this lower. Is it best to start low and see if HMRC accept it. I assume if they reject it then its negotiable with HMRC?
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If its only 3 years, 0% 18/19 (just file a return) 10% 17/18 for unprompted
Not sure what you are doing with 23%. Hope you have good PI insurance if your client reads this.
Not only that, HMRC are so inexplicably accommodating with BTL tax fraudsters I'm surprised they don't actually pay them reward money for handing themselves in!
You know I hate to agree with you Justin, but they really do roll over for a tummy tickle on this.
The oddest thing is if you get caught they often only ask to go back 5 years which is bizarre.
Just looked back at one I submitted last year and I got 10% agreed with HMRC. Unprompted, non deliberate disclosure for 5 years worth of rental income.
It's been many many moons since I last did one, but I'm pretty sure the penalty never exceeded 10% for me either.