Tax

Freespirit38

No, it should have read ‘ an accountant’ thanks

Freespirit38

SmashedAvacado wrote: »

The tone of this thread is quite sour. You of course shoudl have complied with the law, but at least you have realised and you are now wishing to put the record straight.

if you didnt know you had to pay tax, how do you now know that tax is due? Have you worked out what the income was for the property and what was deductable? (for example mortgage interest and agents costs). You should go through the income and expenses carefully over that period for each year and work out what, if anything was profit and potentially taxable before contacting the authorities. If you are not sure how to do that, it might be worth paying someone to help you so that when you speak to the authorities you can give them the full and accurate picture and you will not be on the back foot.

I got told I need to pay CGT by a relative because I’m selling up. I’ve seen an accountant so I’m just producing all evidence P60s, bank statements receipts etc - wish I had known sooner!

Pixie5740

I don't understand how you could not realise that rental income was subject to income tax. Did you really think that landlords paid no tax whatsoever? HMRC even had a big Let Property Campaign back in 2013 encouraging landlords to come forward and cough up.

In any case it sounds like you are finally sorting it out.

Crashy_Time

00ec25 wrote: »

i am intrigued why the OP has, for the last 10 years thought that he did not have to pay tax on rent when every year there are posts on here explaining that you do and there are plenty of high profile news stories about people who were caught

isn't it still the summer holidays?

Many many people have probably done the same though? Does HMRC have the means to trace all of them?