Buy-to-let landlord sentenced for tax fraud and fined £200,000

Added on March 13th, 2017 in Property News

A London based landlord has been given a suspended two-year prison sentence for tax fraud, following a Revenue and Customs investigation that discovered £281,000 in unpaid taxes.

Property developer and landlord Michael Charles Waddingham, 44, was sentenced on Friday at Kingston Crown Court after pleading guilty to evading the large sum in taxes and has been ordered to pay a fine of £200,000 within the next six months, in addition to the £281,000 tax he has already repaid.

An HMRC investigation found he had not submitted tax returns between 2008 and 2012; failing to declare rental income, that he had been a director of seven land and property development companies and had income above £100,000 per year due to the directorships.

Waddingham, who lives in Teddington, will also have to undertake 200-hours community work over the next 12 months, honour a six-month curfew between the hours of 8pm and 5am with electronic tag and pay a victim’s support charge of £425.

Article courtesy of Landlord Today | Sign up for Landlord Today newsletter | Get this news on YOUR site!