(What is this?)
Home > Bulgaria > Property > News : TAX CRACKDOWN!
Not registered?  Join IPIN now FREE   |  Forgot password?

TAX CRACKDOWN!

Article Date : Thursday, June 08, 2006       Bookmark on Facebook   Bookmark on Del   Bookmark on Digg   Bookmark on Facebook   Bookmark on Reddit   Bookmark on Spurl   Bookmark on Furl   Bookmark on Yahoo   Bookmark on Magnolia   Bookmark on StumbleUpon   Bookmark on BlinkList

In an earlier article we have outlined the latest news regarding the Inland Revenue’s new directives to enforce heavy penalties for non-payment of tax on revenues we achieve from overseas properties. HM Revenue & Customs is targeting UK tax payers with offshore bank accounts as they are convinced that these people are a significant source of lost taxes. HM Revenue & Customs has recently won a court case against its first of many targeted banks, Barclays Bank, obliging them to disclose the personal and financial details of their customers who hold offshore bank accounts. HMRC knows of 9,300 Barclays customers in Britain who have accounts outside the country. It is estimated that just one in five of those filing UK tax returns declare this while only one in five account holders declare any foreign income! In this way HM Customs & Excuse aims to recover about £2 billion this year on lost taxes from UK investors with overseas property and offshore accounts. It is particularly interested in the thousands of owners of international property who make use of offshore bank accounts to manage their financial affairs. The 257,000 households who have second homes abroad will be in line for full investigation. What you should do The best advice is to take professional advice now to put your affairs in order with the taxman in readiness for an investigation. Unless proved to the contrary, HM Revenue & Customs will simply assume the offshore account has been funded from untaxed funds. You will need to be able to supply documentary evidence to the show them that this is not the case. Similarly, it will assume the property is being rented out and undeclared income is being received from it and banked somewhere. Again, you need to prove the contrary. Get your records of income and expenditure and bank statements ready to have your affairs in order. You will need to bring absolutely everything above board and clear and thus avoid hefty interest charges and penalties.
Listing Separator

Related Articles

  1. Agricultural land prices rising in Bulgaria
  2. Realtors construction companies facing decline in profit margins
  3. Rents in Sofia from steady high to high up
  4. Tax conjectures
  5. LS Property to invest 450M euro in Bulgaria



Listing Separator

Let us search for you Let Us find Property in Bulgaria for You

Fill out a requirements form and our experts will help you find a great selection of Properties for sale in Bulgaria.
Let us searchHelp me find property in Bulgaria


Subscribe to This Feed

RSS News
Subscribe to this RSS Feed
Country: Bulgaria
Channel: All

More RSS FeedsGo

View News by ChannelView News by Channel

Media/Press SectionProperty News Search


   

News ArchivesNews Archives

View worldwide property news from as far back as 2005 in our News Archives Section.

View News ArchivesGo

Media/Press SectionMedia/Press Section

Are you a Press or Media professional? We have access to a wide and varied collection of data and statistics which may be of interest to you.

Journalists click hereGo

View News by ChannelSee Your News Here

Submit your news feed for spidering by our news robot. Simply enter the url of your RSS feed in the text box below and click the submit button

Submit Your RSS FeedGo