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i also have rented and converted and i did not know i had to…

i also have rented and...
i also have rented and converted and i did not know i had to do a tax return and i have now been asked to do a compliance check I have quite a lot of the paperwork but what should i do i am scarred can not sleep AM I GOING TO GO TO PRISON
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Answered in 27 minutes by:
7/2/2012
Sam
Sam, Accountant
Category: UK Tax
Satisfied Customers: 14,272
Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Capital Gains, CIS ask for Sam Tax
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Hi

 

Thanks for your question

 

All you need to do is be honest about the position of the rental income, and what you earned and what expenses arose (that you can offset against the rental income) and of course of you have sold any of the properties within the conversion then you will also have a capital gain position to consider.

 

You will NOT go to prison, but will be expected to make good the tax and interest and I expect penalties will also be added on for failure to declare this income, but if you are unable to pay in full, then HMRC will ask you to offer a payment plan, to repay all that is owed, over a short a period as possible.

 

Do feel free to ask any follow up questions on this


Thanks


Sam

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Customer reply replied 6 years ago
hi sam

I can not find all my bits, I have lots of stuff but not all they are asking for
Customer reply replied 6 years ago
Sam
sorry me and my ex still own the property together but he is silent and just lets me get on with it . this is the cottage in cornwall as it is for the boys when they grow up. it has been rented out but not all the time do i do two separate ones or ??

Hi

 

Thanks for your response

 

Gather together what you can, and then see if you can reproduce what is missing for example, if you have a mortgage on the property, then you can write to the mortgage company for statements of the interest paid, if you have bank statements missing then write to the bank for duplicate statements to prove rents received.

 

And as this property is in joint names, then only half of the rental income is deemed to be yours and the other half your exs, so yes, he also needs to declare his half share.

 

But HMRC just want you to make a full disclosure and pay the right tax, thats all - so try not to worry too much

 

Thanks

 

Sam

 

 

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Customer reply replied 6 years ago
thank you sam i am so scared can not eat crying all he time I have children i won't go to prison will i its been a tuff few years i have had pins in spine then got cancer son injured in army. thank you for all yur advice i am so scared

Hi

 

I can understand your worry, but HMRC just want you to get it right and this will not lead to prison, as you did not set out to defraud HMRC.

If you are open and honest with them, and provide all the information you can, they will be very kind, and very understanding, and will minimise the penalties, to reflect your co-operation, and do also explain what a tough time its been for you and your family, so they know the whole picture.

 

Thanks

 

Sam

 

 

 

 

Sam
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