Urgent Assistance with Let Property Campaign

OneAimMan

Hi,

I have given Intention to Disclose and HMRC have responded with a DRN number to use in their online Digital Disclosure Service, as part of the Let Property Campaign.

I have some questions I would appreciate some knowledgeable people answering so I can get my affairs in order. I had an Accountant but through miscommunication, they are no longer offering their services.

1. How should I work out what additional tax I need to pay? I have P60s, rental income figures and expenses for all the years. Just need to work out what needs to be paid on the amount that is to be declared. How?
2. Can I use HMRC PDF to calculate owed tax, Interest & Penalty? At the top it states "This calculator is for illustrative purposes only" so what is one meant to use if not this?
   http://www.hmrc.gov.uk/gds/campaigns/9years-calc-stub.htm
3. You can select the number of years. I need to do 4. However, it warns at the top "If you are making a multiple year disclosure with a liability that includes self assessment payments on account, you should
   include all years in a single calculation and not calculate each year on a separate, individual basis.". Does this mean because mine is from 2013-2017 I should not make the calculation per year? How would I work out a single calculation if that is needed?
4. Once I go through the forms, I enter my salaried income, PAYE tax, and then include rental income (rent less all expenses per year) that was not declared. When I do this it gives me a summary of tax due plus interest and penalties. Are these the figures I submit in the online disclosure form?
5. Finally, how does one work out the penalty %? I have been told it's to do with how you have made the disclosure but need some advice to get to a %.

I know there is a lot of detail in my questions, but I really want to get this sorted before the deadline and any help would be greatly appreciated.

Thanks

Pennywise

There's more than one accountant - just get another one - a decent qualified tax advisor will save you far more than their fees with a case like yours.

OneAimMan

Pennywise wrote: »

There's more than one accountant - just get another one - a decent qualified tax advisor will save you far more than their fees with a case like yours.

Deadline is very soon so I am not certain any will take it on. I will try and call some local Accountants tomorrow but I'd rather have something to submit in place of missing the deadline.