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Advice on HMRC asking for taxable income on rental
Comments
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So.... lesson learned. Now, when you sell, don't forget to calculate and declare Capital Gains Tax liability, if any!
:beer:0 -
1. Rental statements for the years covered (estate agent was able to provide these for 8 years)
Easier enough for the HMRC to find deliquent LL's.0 -
Glad to see HMRC cracking down on tax evasion.theartfullodger wrote: »Very pleased to hear HMRC are chasing up people who've "forgotten" to declare their various incomes.
Well done HMRC.
In this case it undoubtedly cost hmrc more than they reaped.
At least OP now knows what to do, particularly with a sale coming up so potential CGT liability.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Just to add in here, HMRC base penalties as a percentage of lost revenue. If you don’t owe any tax, they won’t penalise you (but will still expect you to claim). If you make a loss on property rental, it is ALWAYS better to declare it - should you ever find yourself in that position again (accidental landlord?) you can offset that earlier loss. The best tax avoidance is always pre planning - never ever bury your head, HMRC eventually find out!!0
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Little chance of a CGT liability here, methinks?I finally got enough bounce back in the market to reduce the loss and am in the process of putting it on the marketI am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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