A rogue landlord has been hit with a fine of £200,000 after running multiple property companies but failing to declare his income to HM Revenue and Customs.
Michael Charles Waddingham has been found guilty to evading £281,000 in taxes after failing to declare he was a company director of two separate companies and owner of 17 properties across the UK. He has been sentenced to two years in jail suspended for two years following the offence. He has also been forced to pay a financial penalty of £200,000, on top of the £281,000 worth of unpaid tax that he has already repaid.
The offence was discovered as a HMRC investigation found that the landlord had passed several years without submitting any tax returns. During this time, he had also neglected to declare his rental income, as well as the fact that he was the director of seven land and property development companies and earned an income of over £100,000 per year due to his various directorships of companies.
Waddingham’s extensive portfolio was further enhanced by the fact he was a part owner of several racehorses. He is also currently the director of a betting syndicate, another registered company in the UK.
Waddingham pleaded guilty to his failure to submit any Self Assessment tax returns between 2008 and 2012. After his arrest in 2015, HMRC forensic accountants cooperated with his own accountants to calculate the entire sum of the the total Income Tax and Capital Gains Tax that he owed.
The landlord and property company director was sentenced in front of Kingston Crown Court earlier this month; with HMRC having already recovered all the tax he failed to pay. The landlord now has six months to pay the additional £200,000 fine in order to avoid the suspended prison sentence being realised.