How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask taxadvisor.uk Your Own Question

taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4880
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
54961312
Type Your Tax Question Here...
taxadvisor.uk is online now

I have quiet a loaded question here. In a nutshell i used to be a UK resident. I liv

Resolved Question:

Hi
i have quiet a loaded question here.
In a nutshell i used to be a UK resident. I lived in Ipswich in my own house and got transferred to Bristol. I then bought a house in Bristol and moved back and forth between both properties.
I then got let go and moved to Canada a few years ago to work. I have now rented out both houses but haven't informed HMRC. I currently don't make profit on either as have to contribute to mortgage payments each month. I would like to sell one house next year but now I'm worried about the implications of not informing the tax man initially..Will there be a penalty of some sought.
What is the first step and what considerations would your recommend.
Also when i sell will there be Capital gains now on both properites?
Basically I'm looking for any information necessary to assist me in this situation. I want to make sure i am doing things above board.
Thank you for your help
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your question.There are a few aspects to be considered for tax purposes and it will take time to draft a response. I hope this is acceptable to you.In the meantime, it would be helpful if you provide salient details:- date of purchase for each property - Ipswich and Bristol- for how long was the Ipswich property your main residence- did you notify HMRC of change of main residence when you moved to Bristol- when did you leave the UK to settle in Canada- when were the properties first let- are they managed by a property agent- is tax deducted at source from rental income Many thanks
Customer: replied 1 year ago.
Thank you for your response
Answers as follows.Ipswich - jan 2006
Bristol Jan 2007Ipswich was main residence for 6 months. I lived in the Bristol one for over 5 years.
I didn't notify HRMC of change of main residence
I left Uk September 2012Ipswich property first let June 2007
Bristol first let September 2012
I am not using a property agent for either propertyI look forward to hearing from youOwen
Expert:  taxadvisor.uk replied 1 year ago.
Owen, thank you for your prompt reply.
It will take me time to draft a meaningful reply.
I hope a response to you tomorrow morning will be acceptable.
Have you received any communication from HMRC?
Did you file a form P85 when you left the UK for Canada?
Please confirm.
Thanking you in anticipation.
Customer: replied 1 year ago.
That you very much . Tomorrow will be just fine.
Its a question i should have asked for a long long time and regret being so foolish that i didn't act quicker on this so I'm hoping there can be a reasonable resolve to this situation.
Kind Regards,
Owen
Expert:  taxadvisor.uk replied 1 year ago.
Owen, thank you for being considerate.
I will revert to you tomorrow.
Have a pleasant day.
Many thanks
Expert:  taxadvisor.uk replied 1 year ago.
Owen, thank you for your patience.Here is my response and recommendation. I hope this is helpful.
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4880
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 1 year ago.
Thank you very much for your response
I will be rating you as Excellent..Much appreciated. If i have any further questions on this i will be sure to get in touch .
Kind Regards
Owen
Expert:  taxadvisor.uk replied 1 year ago.
I thank you for accepting my answer.
Best wishes.

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
< Previous | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
 
 
 

Meet The Experts:

 
 
 
  • Sam

    Sam

    Accountant

    Satisfied Customers:

    7088
    26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
< Previous | Next >
  • http://ww2.justanswer.com/uploads/TA/Tax Expert/2013-8-21_231010_sam.64x64.jpg Sam's Avatar

    Sam

    Accountant

    Satisfied Customers:

    7088
    26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
  • http://ww2.justanswer.com/uploads/BI/bigduckontax/2013-8-12_222058_1.64x64.jpg bigduckontax's Avatar

    bigduckontax

    Accountant

    Satisfied Customers:

    2333
    FCCA FCMA CGMA ACIS
  • http://ww2.justanswer.com/uploads/TA/TaxRobin/2013-8-28_16186_femalebusinessprofessionalbinderhand11038485.64x64.jpg TaxRobin's Avatar

    TaxRobin

    Tax Consultant

    Satisfied Customers:

    524
    International tax
  • /img/opt/shirt.png taxadvisor.uk's Avatar

    taxadvisor.uk

    Chartered Certified Accountant

    Satisfied Customers:

    2845
    FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
  • http://ww2.justanswer.com/uploads/MS/MsAM/2012-6-9_16426_anna.64x64.jpeg Anna's Avatar

    Anna

    Teacher, writer, biologist

    Satisfied Customers:

    270
    Great research skills, variety of work experiences, teaching experience.
  • http://ww2.justanswer.com/uploads/PD/pdheslin/2012-6-6_232056_pambig.64x64.jpg pdheslin's Avatar

    pdheslin

    Consultant

    Satisfied Customers:

    51
    20+ years of internet site creation and search engine optimization. Dozens of search tools at my disposal.