Have Tax Questions? Ask a Tax Expert for Answers ASAP
Hi, thanks for your reply. Yes it's the Let Property Campaign: disclosure form (DO2). I first let the property on the 1st September 2010 at £775 per calender month and the rent has remained the same.
It's the section " Letting income liabilities", what I need to put in each column and how I work it out. Then have to work out the penalty and put what percentage I think I should pay.
Did you submit tax returns for 2010/11, 2011/12, 2012/13 and 2013/14 without the rental income in them or were you not in the self-assessment system for those tax years? Did you approach HMRC before they found you?
No, I had a letter from HMRC giving me the chance to declare which I accepted so now have to fill in the form and pay by May. No tax returns submitted therefore and not in self assessment system although I presume I will be from once this is paid?
My deadline will be 12th May
Yes it does. Basically the letter thanks me for telling them I want to make a disclosure under the Let Property Campaign. It says to make the disclosure I have to go to www.gov.uk/let-propety-campaign and complete the online disclosure form. Disclosure and payment are then due.Gives me my reference numbers and their bank details for payment.
Thanks.Where I am stuck though is,asI first said,in working out income, amount of tax payable and penalty due.