Permission to let has lapsed!

silvercar

mcauley wrote: »

Ah ok well that's hopeful, thanks for the link. The loan I borrowed for the deposit is interest free so wouldn't be able to claim for that. When I do a new tax return then shall i include the previous years its already been rented?

You can carry forward losses from previous years to put against this years rental income.

ANDRUAFER

That's good cos I lost while I was on a fixed deal

ANDRUAFER

Will I get fined for not filling out an assessment earlier though?

Annie1960

mcauley wrote: »

Will I get fined for not filling out an assessment earlier though?

The answer to this question is clear if you read the links in post no. 60. HMRC has an amnesty for people like you to encourage you to come clean and declare.

If you do not take advantage of this, the will be much more severe with you when they find out.

ANDRUAFER

Thanks, will perhaps ask an accountant to help with this first time round

anselld

Annie1960 wrote: »

The answer to this question is clear if you read the links in post no. 60. HMRC has an amnesty for people like you to encourage you to come clean and declare.

If you do not take advantage of this, the will be much more severe with you when they find out.

It is not an amnesty. That word is only used by the press, not HMRC.
There may still be fines; they only promise "the best possible terms", ie in comparison to them finding out first, not in comparison to doing it right in the first place!

However, it is obviously the right thing to do for the OP.

Zoology_Dragon

It really is worth seeing if you can continue with your CTL, we've been letting out our property with CTL for six years now and our lender has had no problem with it. We're prepared in case they decide to withdraw consent but so far all has been fine.

ANDRUAFER

Do you know how much the fine is likely to be? Looks like nationwide will be fining me as well, as well as the added 3% interest. oh joy.

franklee

It might not be 3% interest as the letter you got about that is three years old and lenders change their policies all the time. If you've read recent cases where they're giving 1.5% you might get that. Either way I'd expect a more sympathetic hearing if you go to them rather than them finding out. They can easily see where you've been living try googleing for experian mover alerts for example:
http://www.experian.co.uk/consumer-information/mover-alerts-information.html
"Identification of undisclosed Buy-to-Let risk

When a customer lets out their home without advising their mortgage lender, it means the debt is incorrectly priced and risk is increased. Getting early notification of properties to rent with Mover Alerts allows the lender to be proactive in protecting its position."

Also worrying is that you don't get the post from them so goodness knows what letters you've missed. Didn't they send you statements and haven't you noticed them missing? Personally I'd be wanting postal redirection and then my address details updated as I would not want personal financial details falling into unknown hands (who lives at your last address anyway).

Bear in mind also that the tenant has less rights to stay should you get repossessed without consent to let. I suppose repossession may be on the cards if you can't afford the higher interest rate.
http://england.shelter.org.uk/get_advice/repossession/about_repossession/repossession_by_a_landlords_lender

Annie1960

http://www.hmrc.gov.uk/sa/deadlines-penalties.htm

Link to HMRC penalties.

However, on the link already provided by another poster above, (repeated below for convenience) they state you should discuss it with them if you envisage having difficulty paying. HMRC is usually fairly reasonable with people who have just misunderstood (like you seem to have), and they may agree a payment plan.

This assumes that you owe tax. If you have made a loss, they may owe you a refund.

https://www.gov.uk/let-property-campaign