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hi thanks for your quick reply. so should i just call them and explain the situation as i dont see how i can put the back dated stuff on this years tax return? cheers
Vic, thank you for your reply.You cannot put income from property for prior years in this year's tax return. You will have to send amended tax returns for previous years.The link here tells you what to do to correct a mistake on your tax return.http://www.hmrc.gov.uk/sa/correct-repay.htm#2
You say the renatl income from flat is £500pm and profit is £200pm. Bear in mind, mortgage interest onll is an allowable expense against rental income and you should not include any capital repayment as this element is not deductible.
More information on who needs to file a tax return is covered here
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