Tax on 2nd home rent

joe2_2

Hi

I am in full time employment and my wife does not work.

Bought a house in December 2001 and lived in it until September 2008, in joint names. I then moved out and rented the property.

Property is furnished, rent is £460 per month, rates are £1000, mortgage is interest only and I have been making an odd cash deposit to reduce the capital.

I have not notified HMRC of any of this but now feel I am sitting on a timebomb and want to 'get my house in order' before they come calling.

I'm not sure of how to proceed. Eg should I request a self assessment form and start declaring this from now or should I back track to September 2008?

Any help or advice would be most appreciated.

Thanks

Joe

fengirl_2

You need to declare this income back to when it started and you need to be aware that you are open to a fine for not having done so, plous interest on unpaid tax.
It might pay you to see an accountant for this stage as s/he can help you deal with HMRC's questions and make sure you are rpesenting the information correctly.