Investigation by Inland Revenue

tefb

Thank you all for the information and advice. It was very much appreciated.

johnllew

Best to cough the lot now to mitigate the penalty; they'll find out anyway. How and by what amount was the income underdeclared; was there an error in the IFA's original figures?

tefb

I didn't realise that she had written more! Thank you to all contributors.

Cook_County

This should be very straightforward, you need to report rent receivable & expenses due.

The rent will be set out in the lease agreements. You should have records of other expenses such as agents fees, insurance, interest payments, gas safety, bad debts, repairs etc.

meganina

Take Jimmo's advice - I made a similar mistake and got an accountant. he cost me a fair bit but saved me loads including the anxiety of dealing with the revenue myself ! All sorted quickly and now on track - hooray.