Penalties Can Mount Up Archives - Personal Tax Accountant Services Uk - Tax Advisors Consultant London

October 31, 2022
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HMRC is writing to taxpayers currently registered for the annual tax on enveloped dwellings, alerting them to a valuation trap that could lead to significant penalties.

HMRC is proactively warning taxpayers about the annual tax on enveloped dwellings (ATED) valuation trap, which can lead to significant penalties for late filing and late payment. An enveloped dwelling is one that is owned or “enveloped” within a corporate wrapper.