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TaxRobin
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 15887
Experience:  International tax
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Owing to numerous family problems I have just realised that

Resolved Question:

owing to numerous family problems I have just realised that I have not been paying income tax on this money what are the penalties and what should I do?
Submitted: 2 years ago.
Category: Tax
Expert:  TaxRobin replied 2 years ago.
HelloYou must tell HMRC of your intention to make a disclosure about the income. You need to do this as soon as you become aware that you owe tax on your letting income.You can notify by:completing a notification formphone the Let Property Campaign HelplineYou will then have 3 months to calculate and pay what you owe.The Let Property Campaign is an opportunity for landlords who owe tax through letting out residential property, in the UK or abroad, to get up to date with their tax affairs. If you make a full and voluntary disclosure of all unpaid liabilities in these circumstances you can usually expect a lower penalty than HMRC would otherwise seek if they raised an enquiry or compliance check without the disclosure.The penalties could be up to 100% of the unpaid liabilities.
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Customer: replied 2 years ago.

what would be the likely penalties if this had taken place over a number of years?

Expert:  TaxRobin replied 2 years ago.
Every year would be independent and the 100% penalty would be based on the actual tax owed.