tax on a rented property

musickeen

hi
can anyone help just received a letter from inland revenue asking about tax im not paying for a property i rent for £80 a week ive been renting this for about 10 years now,can they claim the tax back for 10 years if so how much do u think i would end up paying.

many thanks for any advise or help in this matter

ps,bit nieve i know but honestly didnt know i had to declare.

fengirl_2

They would normally go back 6 years, but could go back longer. Be prepared for them to look into your entire tax affiars. You would be liable to a penalty of up to 100% of the tax due, plous interest. Tax due depends on the amount of your other income. HMRC would be looking for a round sum to settle the matter.
I would strongly advise you to go and see an accountant who can present your situation to HMRC in the best way and negotiate a settlement on your behalf. Be prepared to make a lump sum payment up front in order to show willing.

lukosius

Just wonder if anyone can help. I rented a house with other 5 people. In 2003 I have bought my own and informed letting agency and landlord that I have moved out. And now after 5 years I received a letter from Council tax office that I have not paid tax from 2004 till 2007! £2012!!:mad: I went to agency I rented with and checked all my tenancy agreements and the one we signed in 2003 was not canceled but in fact wasn't renew and stayed there for 3 years! They told me I had to handle a keys to them. But I told them there were other people still living there...And I have informed them that I moved out. What should I do??Please help me. Council tax bill was not in my name, was in landlord's name and I have all my tax slips on my new address.