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How Long ?
paul2468
Posts: 845 Forumite
in Cutting tax
How far back do you need to keep records of rent earned and money paid in and out ....I sold a house 6 years ago and made a small profit...i have now recived a letter from the taxman with tax return from 2003/2004 ..the problem is i have nothing as i have moved a few times since and lost all the paperwork...i can still get copys of my p60 and what i paid for the property and what i sold it for...can they ask for stuff from years ago .
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Comments
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I assume that you never told the Revenue about the rental income and profit on sale (Capital Gain). That being so then the Revenue can go back up to 20 years and it is up to you to provide them with all of the information.
If there is undeclared tax due then the question of penalties will soon pop up and these can be upto 100% of the tax due. I would advise that you seek advice from an accountant asap as they will help negotiate with the Revenue on your behalf.0
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