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Mo Tax Expert
Mo Tax Expert, Accountant
Category: Tax
Satisfied Customers: 632
Experience:  Accounting and Tax Expert
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I purchased a property in April 2015. This was purchased to

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I purchased a property in April 2015. This was purchased to house my parents who continue to live there. It is mortgaged and i receive no rent as it is my parents. I did not think i would need to pay property tax? however the Inland revenue have contacted me seeking information on missed payment?
JA: Have you talked to a tax professional about this?
Customer: no
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: such as

Hi and welcome to JustAnswer. I’m Mo Barrie, Qualified Accountant and Tax Expert. I’m currently reviewing your question and will respond to you shortly.

Thank you for your patience.

Customer: replied 13 days ago.
For your further information, the letter is from the HM Revenue and Customs, headed Income from letting property. There are several forms attached to complete regarding both my own property and my other property.

Thank you for the background information.

Is the property in your name?

Do you live in the property or is it rented?

Customer: replied 13 days ago.
I own two properties, one i live in, my home, one that my parents live in.

Have you ever rented either property and received undeclared income?

Are your parents paying you any rent?

Customer: replied 13 days ago.
Not my own. My second property where my parents live is not rented, but they do pay me £500 per month to help with mortgage.
Customer: replied 13 days ago.
no i have never declared this to HMRC

£500 is considered rental income hence must be declared.

You can no longer claim mortgage costs on rental income.

Kindly file the tax return to resolve the matter.

We could help if you would like.

Customer: replied 13 days ago.
How can you help and help reduce my payment. What is the payment likely to be?

You would need to file a personal tax retun and resolve the issue with HMRC. Hence that's what we could help with.

Kindly book a call to better understand your circumstances and discuss this further.


I hope you now have clarity.

Please file the tax return before paying any fines.

Thank you for the inquiry. It is my pleasure to assist you.

Mo Tax Expert and other Tax Specialists are ready to help you