Please help! :)

kaymarie_2

I have quite an unusual income. My mother died when i was 13 and i inherited her house which i now rent out. She also worked for a firm with which she signed up to a child pension scheme, meaning that in the event of her death i would be eligible for a monthly income provided that i was in full time education.
For the past 6 years my solicitor has been dealing with all my financial affairs, including my tax. This may seem odd but is something that my father arranged. Anyway, this year my solicitor neglected to properly process my tax. Which i was only informed of yesterday...meaning that i will now obviously be in some trouble with the tax man....and more than likely facing penalties.

I'm completely in the dark when it comes to tax and now have no idea how much i will owe, or even how to go about sorting this mess out? Can anyone please help?

My yearly income is approx £15,635. Half of this is from renting my home, the other from my child pension scheme.

Many many thanks

tigtag02

do you know how much tax he has paid for the tax year 2008/2009?

Sterile

I'd make an appointment with your local tax office for a meeting as a matter of some urgency. Just explain the situation and you will be surprised at how helpful they will be.

kaymarie_2

tigtag02 is is for the tax year just gone april 08 to 09

Sterlie thanks for the advice

trevormax

Find out exactly how he has messed up and what he intends to do to fix the situation. If it is beyond his abbilities, suggest he seek out a tax accountant. I would also ask what he intends to do about any possible penalties or interest you may have to pay due to his error.

This guy should know what he is doing which is why you (or your dad) pay him to do it. As long as you are not the cause of the problem (for instance you didn't tell him about something which resulted in this mess) why should you suffer and be hit with penalties.

CLAPTON

Presumably you are now 19 so it would be a good time to start learning about tax and to take over the management of your own affairs. Presumably the solicitor is charging for this services.

Is your father still alive?


So you need to find out

1. which tax year is at issue here... presumably tax year 2007-8 as if it were 2008-9 would would have until january 2010 to lodge your self assessment form

2. Each year you should get a P60 from your pension provider. It will tell you the gross pension and tax paid (if any). If tax has been paid at source then it's unlikely you will owe much to the HMRC.

3. you need to find out the gross rent for the property and the expenses being claimed.

Only then can you work out if you owe the HMRC any money.