Property investors in South Yorkshire have been warned that they could be in the tax man’s sights.
The warning comes from Andy Maxfield, senior manager in Grant Thornton’s Yorkshire tax investigation team.
“HMRC will be undertaking intensive compliance activity in the property sector and will come down hard on any business or individual found to be deliberately evading tax,” warns Mr Maxfield.
“Taxpayers would be well-advised to consider whether they need to regularise their affairs, taking professional advice if appropriate, rather than face a potential HMRC prosecution.”
Mr Maxfield cites the case of a Doncaster man who was jailed for two years for failing to pay tax on a £2 million property portfolio he had built up, which included a property in Tenerife.
“This demonstrates that HMRC is actively pursuing mortgage and false income declarations locally,” said Mr Maxfield.