Help and advice needed pls

jdgibson72

Can anyone help me please, I would like to know where I stand with regards to claiming tax back on a private property that has been rented out from Feb 07 to the end of that tax year (April 08). During which time I have paid out over £16,000 myself in bills, mortgage, insurance and fees for the property. The mortgage is on intrest only and the rent did not cover the full amount plus the insurance so I had to top it up. I was told by someone that I can not claim any tax back I can only claim if Im self employed? Is this true and if not what can I claim for and how do I do it?

Thank You for your time

Premier_2

For the period Feb-07 to Apr-07, you were required to submit a tax return by end of Jan-08 declaring your rental income.
I'm sure there's a penalty for not having done so. Contact your tax office and find out.

For the period Apr-07 to April-08, you were required to complete a tax return by the end of last month. Again, I believe a penalty exists for failing to have done, but I'm sure your local tax inspector will enlighten you on that too when you contact them.

It's better to admit your failings now, as if you wait until HMRC discover for themselves you've not been declaring your rental income, they will be less lenient.