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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I have filled in a UK tax return section incorrecty for 2011-12.

Resolved Question:

I have filled in a UK tax return section incorrecty for 2011-12. It is to do with the Property Income (24. Rent, rates, insurance, ground rents etc:) section. I am being charged for the amount I incorrectly put in the "24. Rent, rates, insurance, ground rents etc: " section. I assumed that I could enter rent I had to pay for the months tenants were not in my property in this section. HMRC are asking for a full explanation. I also note that I incorrectly filled in this field for 2012-13. What is the best course of action?
Submitted: 3 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 3 years ago.

Hello and welcome to the site. Thank you for your question.

Boxes 24 to 29 cover property expenses. Rent would relate to ground rent payable under a lease of a property and not rent lost because the property is vacant.

Your best course of action is to accept there was an inadvertent error due to misunderstanding of what goes in that box and provide correct figures for Box 24.

Also provide correct figures for Box 24 covering your tax return 2012-13. As you would be instigating a correction to the last return (2012-13) there would be no penalty for understatement of profit. You can make corrections to your tax return 2012-13 upto 31 Jan 2015 without incurring any penalties.

More information on this can be found under "Correcting your return" here

http://www.hmrc.gov.uk/sa/correct-repay.htm#2

 

I hope this is helpful and answers your question.


If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.



taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4881
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
taxadvisor.uk and other Tax Specialists are ready to help you
Customer: replied 3 years ago.

Hello, thanks for that. Re. rental payments I had to make, where should that be stated?

Expert:  taxadvisor.uk replied 3 years ago.
Iain, thank you for your reply ...

Please expand on th rental payments you had to make .. are they related to the property in question?

Many thanks
Customer: replied 3 years ago.

Yes, 3 payments of 500 pounds, amounting to the value I entered incorrectly in box 24.

Expert:  taxadvisor.uk replied 3 years ago.
Iain, please give me some background to these payments.

Who were the payments to .. existing tenants or past tenants?
Were they refund of deposits? If not, the purpose of these payments?


Many thanks
Expert:  taxadvisor.uk replied 3 years ago.
I thank you for accepting my answer.
Your reward of a bonus is greatly appreciated.

Best wishes.

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