15th
Dec 2020
A landlord who ran multiple property companies, but failed to declare his income or being a company director to the HM Revenue and Customs, has been sentenced for evading £281,000 in taxes.
Michael Charles Waddingham owns 17 properties in England and is currently the director of several companies; he received a sentence of two years in jail, suspended for 24 months, if he is able to pay an extra financial penalty of £200,000 within six months. He has already paid the £281,000 tax which he owed to the HMRC.
He admitted to the court that between 2008 and 2012 he had failed to submit any Self Assessment tax returns.
The HMRC’s investigation found he had failed to disclose his rental income, was a director of seven land and property development companies, earning over £100,000 each year from them, as well as being a part owner of several racehorses.
Waddingham pleaded guilty to not providing any Self Assessment tax returns between 2008 and 2012. After he was initially arrested in 2015, his accountants assisted the HMRC Forensic accountant’s team in calculating the total income and Capital Gains Tax owed.
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