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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4349
Experience:  FCCA FCMA CGMA ACIS
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How to report to HMRC rental income of an individual which

Customer Question

How to report to HMRC rental income of an individual which has not been reported on the Tax Return for the last 10 years or so, though the Tax Returns have been filed reporting all other incomes.
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am keith, one of the experts on Just Answer, and pleased to ba able to help you with your question. Needless to say this income should have been declared. The individual must make his or her peace with HMRC, amend all those declarations and pay the tax due. HMRC may impose interest on late paid taxes, only fair, they pay interest on overpaid tax, and possibly penalties for failure to declare also. I am so sorry to have to rain on your parade.
Customer: replied 1 year ago.

thanks for your reply. I am fully aware of what you have said. My question is ,"how to proceed with it"? The actual procedure.

Expert:  bigduckontax replied 1 year ago.
I would kick off with a letter amending the declarations by declaring the rentals. Then the tax office can raise the necessary demands all in one go.