News
Teddington landlord ordered to pay £200,000 penalty after admitting tax fraud
A Teddington businessman who ran multiple property companies but failed to declare his income or that he was a company director to HM Revenue and Customs (HMRC), has been sentenced for evading £281,000 in taxes.
Property developer and landlord Michael Charles Waddingham, 44, is currently the director of two companies and owns 17 properties throughout England. He was sentenced to two years in jail suspended for two years plus an additional financial penalty of £200,000 (in addition to the £281,000 tax he has already repaid).
An HMRC investigation found he had not submitted tax returns for several years; 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 was also the part owner of several racehorses and is currently the director of a betting syndicate (another registered company).
Following his arrest in 2015, HMRC forensic accountants worked with his own accountants to calculate the total Income Tax and Capital Gains Tax that he owed.
Waddingham admitted tax fraud on 17 January 2017. He pleaded guilty to the fraudulent evasion of income tax by failing to declare his income to HMRC for the tax years from 2008/9 through to 2011/12 contrary to section 106A of the Taxes Management Act 1970.
He was sentenced at Kingston Crown Court on 10 March 2017 after being remanded in jail overnight. The financial penalty of £200,000‚Äé must be paid within six months, plus a 200-hours community work order to be completed in 12 months, a six-month curfew between the hours of 8pm and 5am with electronic tag and a victims support charge of £425.
For all the latest news and events, you can sign up for the free London Property Licensing newsletter here.
