Didn't declare tax on rental income

Thrugelmir

moneysavingjunior wrote: »

thanks for the info ppl

mlz1413 - the mortgage type is repayment not interest only

Only the interest not the capital element is offsetable against rental income.

Fire_Fox

This website does not condone tax evasion.

Ladybird20

i think a law should be brought in so the new breed of landlords ie those who dont have correct btl mortgage,,dont comply with any regs, dont protect deposits, dont pay taxes should be able to be weeded out and dealt with,,sorry to hijack post...rant over..markets full of incidental landlords....

clutton_2

""markets full of incidental landlords....""

markets only partially less than half full of incidental landlords and not all of them are bad.....

"IR 150 Taxation of REnts" - a hefty booklet which i think is now only on the revenue website tells you all the expenses you can legitimately claim. as a LL...

Ladybird20

you know as well as i do there are people out there in their masses going back home ect and renting their properties out or other.....diluting the market for professional lets like mine.....although i have only rented props for 11yrs i have seen the change in the rental market,nobody should be allowed to let without the correct stipulations....I do have another business and the legalities, H&S which i comply to is far too long to write about on here..and i get checked on a regular basis to make sure i am going with the rules...

Fire_Fox

Ladybird20: If you have rented properties for eleven years what is the storage heater thread all about?? :huh:

Ladybird20

yeah its one of my other properties and i havnt had this problem before..thanks for noticing..

Ladybird20

Oh yes i see your confusion.....1 prop is 11 yrs old bought new and the latest which is in that thread is not quite two years old......

FraudBuster

I've just started renting out my buy-to-let property. The tenant pays cash. Surely we'll never be found out? "There are many ways you might be found out," says the Revenue, which receives "hundreds" of calls a week to its tax evasion helpline.
HMRC will often look at ads in newspapers and online to ascertain who should be reporting rental income for buy-to-let properties, say Fernie and Herring. Warburton adds: "You probably will be found out at some stage, but, regardless of that, you have a duty to declare your income. If you do not, you are likely to be penalised heavily."

http://www.guardian.co.uk/money/2010/jan/23/tax-returns-questions-hmrc

sunshinetours

Thrugelmir wrote: »

Still a fine for non filing of self assessment forms.

Only if tax is owed actually - you can appeal against the £100 if you don't owe any tax at 31/1

Not condoning the non filing of course.......