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Buy to let company boss sentenced after evading £281,000 tax

A landlord who ran multiple property companies but failed to declare his income or that he was a company director to HM Revenue and Customs has been sentenced for evading £281,000 in taxes.

Michael Charles Waddingham - currently the director of two companies and owner of 17 properties throughout England - has been 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. 

He had admitted failing to submit any Self Assessment tax returns between 2008 and 2012.

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 was sentenced at Kingston Crown Court earlier this month; HMRC has recovered all the tax he stole and he has six months to pay the additional £200,000 financial penalty.

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