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Undisclosed rent
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EMF2610
Posts: 2 Newbie
Afternoon all,
I erroneously did not disclose my rental income since 2015. HMRC contacted me earlier this month. With the assistance of an accountant, I have worked out that the value I owe for unpaid taxes is £7k, I've paid this today and now waiting to hear what interest and penalties I am still liable to pay. My accountant has said he has no idea what amount I might still be due and we need to just wait and see.
Has anyone been in this situation? I am slightly confused with advice from accountant (and google), it looks like penalties could be up to 100%.
However my confusion lies... would it be100% of the value of unpaid tax I have been liable for (£7k) or 100% of the income earned on the property?
They are very different figures.
Any advice is much appreciated, thank you.
I erroneously did not disclose my rental income since 2015. HMRC contacted me earlier this month. With the assistance of an accountant, I have worked out that the value I owe for unpaid taxes is £7k, I've paid this today and now waiting to hear what interest and penalties I am still liable to pay. My accountant has said he has no idea what amount I might still be due and we need to just wait and see.
Has anyone been in this situation? I am slightly confused with advice from accountant (and google), it looks like penalties could be up to 100%.
However my confusion lies... would it be100% of the value of unpaid tax I have been liable for (£7k) or 100% of the income earned on the property?
They are very different figures.
Any advice is much appreciated, thank you.
0
Comments
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would it be 100% of the value of unpaid tax?
Yes.0 -
Thank you.
This is what I had hoped for.0
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