Let Property Campaign - experiences of those who have experienced it please!

lozenge1

Hello,

I have received a letter from HMRC re the let property campaign and I need to submit my late property accounts. Before anyone launches at me, it was my main home (I moved in with my boyfriend) and I am only a year behind (obviously need to submit last year's this month also), and have spent the last 9 months trying to get the tenants out (currently waiting for bailliffs). It was not my intention to be a business venture, but yes I know I need to declare the tax.

I am asking for people's experience with it. Do they accept your workings out (I have nothing much to take off expenses wise), do they go back and forth with you?  Essentially, how does it work?

As I said, I accept responsibility, I do not need criticism! Just advice/the experience of those who have been through it. 

silvercar

They accept your workings unless they choose you (can be fairly random decision) to investigate your figures further. 

You probably do have expenses to take off eg the cost of evicting the tenants. 

lozenge1

thank you. I’m not sure what to offer penalty wise? I think I have to offer something. I tried their penalty calculator but I think it just automatically defaults to the worst case scenario? What did people do here? Thanks 

TheSpectator

lozenge1 said:

thank you. I’m not sure what to offer penalty wise? I think I have to offer something. I tried their penalty calculator but I think it just automatically defaults to the worst case scenario? What did people do here? Thanks 

You don't 'offer' a penalty, the interest and penalty will be based on how much tax you owe - have you worked that out yet.

To be honest, you sound out of your depth and professional advice is recommended.