It has been recently announced by Inland Revenue that test letters were sent to hundreds of buy-to-let landlords in the first stage of what the Revenue is calling the Property Campaign.

Those caught under-declaring profits will be forced to repay taxes dating back six years and could face additional fines and 100% penalties. HMRC says the first letters will be used to assess initial reaction and are likely to be followed by thousands more.

It is understood that tax officials have trawled through data from hundreds of letting agencies and cross-referenced the results against stamp duty returns to compile a database of landlords whom it believes may not have paid any or enough tax.

If you think that you could be affected by the campaign please contact janice@a4gsolutions.co.uk.

A new tax year is almost upon us and it will soon be time for any employers to round up their payroll for the current year before starting anew.  Form P35, the Employers End of Year Return, will be issued to all employers shortly and the completed forms should be submitted to the authorities by 19th May 2008 in order to avoid any penalties being issued.  Any P60's completed for individual employees should be given to them no later than 30th May 2008.

HM Revenue and Customs are continuing their campaign to encourage online filing.  The incentive for you to submit your forms online this year is £100 if you have 50 employees or less - if you have more employees than this, you are obliged to file online, unfortunately without sight of any incentive payment! 

If you need any assistance in the completion of the PAYE, please contact josh@a4gsolutions.co.uk.

"The best preparation for good work tomorrow is to do good work today."

Elbert Hubbard