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Kool_Katty
Posts: 10 Forumite
My sister's boyfriend is currently filing his tax returns for 07/08 which needs to be done online by Jan 09
He started letting out the property in June 2005. To my knowledge this is the FIRST tax return he has done as he made losses / small profits in 05/06 and 06/07
From reading other posts on a similar topic, it would look like he should have posted returns for these 2 years.
My question(s) are:
1. Can you fill in historical tax returns for the 05/06 & 06/07 years? Would any fine be charged?
2. Or would it be best to just file the tax return for this year and ignore the previous years - what are the chances of them finding out?
He started letting out the property in June 2005. To my knowledge this is the FIRST tax return he has done as he made losses / small profits in 05/06 and 06/07
From reading other posts on a similar topic, it would look like he should have posted returns for these 2 years.
My question(s) are:
1. Can you fill in historical tax returns for the 05/06 & 06/07 years? Would any fine be charged?
2. Or would it be best to just file the tax return for this year and ignore the previous years - what are the chances of them finding out?
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Comments
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Best to do the returns -FREEDOM IS NOT FREE0
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Can you do historical returns?0
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He should give the HMR&C a ring. They are actually very helpful.0
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Wont they think it is fraudlent? Fine? Prison?0
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Kool_Katty wrote: »Wont they think it is fraudlent? Fine? Prison?
Hardly. If he has made an honest mistake and he is correcting it, then they will be very helpful.What goes around - comes around0 -
They are really mean to people they "catch" but fairly helpful to those who suddenly realise they should have been putting in a return but haven't.0
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Kool_Katty wrote: »My sister's boyfriend ...
So that's what made you create an account on MSE to enquire about?
No, I'm sure he'll remain a free man!Kool_Katty wrote: »Wont they think it is fraudlent? Fine? Prison?
Of course, if he declared a loss in the initial years, he would have been able to carry that loss forward. He might therefore be now due a tax refund :T"Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 20100 -
Would it better for them to go to an accountant and discuss this in a consultation or just contact the HMRC?0
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He can go to an accountant and tell them the whole story - and then he can pay the accountant to do the dirty deed of speaking with them.0
This discussion has been closed.
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