Landlord Developer Convicted

A landlord and property developer from Teddington who hadn’t informed HMRC about his rental income, or that he was a high earning company director, has been convicted of tax fraud after evading £281,000 of taxes.

Michael Charles Waddingham (aged 44) owned 17 properties in England, and was the director of a number of companies.

A tax investigation by HM Revenue and Customs found he had not submitted tax returns for several years; thus failing to declare his rental income, or that his income from 7 different companies (each operating PAYE) took him above the £100,000 threshold; where he would lose his personal allowances (and the tax rate effectively increases from 40% to 60%).

Following his arrest, HMRC forensic accountants and his own tax advisers calculated the Income Tax and Capital Gains Tax that he owed.  Waddingham pleaded guilty to fraudulent evasion of income tax contrary to section 106A of the Taxes Management Act 1970; and was sentenced at Kingston Crown Court on 10 March 2017 – after being remanded in jail overnight.   He was jailed for 2 years (but suspended for 2 years), plus a financial penalty of £200,000‎ to be paid within 6 months, plus a 200-hours community work order to be completed within 12 months, plus a 6-month curfew between the hours of 20:00 to 05:00 with an electronic tag fitted; plus a victims’ support charge of £425.

HMRC has recovered all the £281,000 tax he underpaid, and he has 6 months to pay the additional £200,000 financial penalty.

How Could Lynam Tax Enquiry Experts Help Me?
We have decades of extensive practical experience in managing tax disclosures and tax fraud investigations.  If you have irregularities in your tax affairs we can advise you on your best course of action.  If appropriate, we will help you with any disclosure.  If you are already under criminal investigation we can assist in the preparation of the defence case.  We can help get the best possible outcome for you, your business and your family.

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