The essential point of the article was that HMRC believe many people have sold second homes without declaring the taxable profits via self-assessment and that they are now saying that, despite writing to people weeks ago warning them that they would be getting looked into, anyone else who hasn’t received a letter should also own up by the deadline this Friday or expect a fine of up to 100% of the tax due.
We have helped some clients through this recently, it’s a fairly simple process, but, as with most tax matters there are different rules for different circumstances. You may not be liable for as much tax as it might first appear or, conversely, your circumstances may include further complications which increase your liability.
If you have sold a second home in the UK or abroad in the past and think you may have a declaration to make, we can help you through the process. Give us a call on 0845 340 4222 or email us.