I own and rent a commercial property and have not paid tax since I started renting years ago,
Saturday, July 17th, 2010
I recieved a cheque through the post twice a year from the tennants and didnt think I had to do anything else. I realise that I should pay tax for the years past but do not know how I should go about this, how much tax needs to be paid back and what penalties I will incur for not declaring it sooner. Also it is likely to be a large amount that I will have to repay, will I be able to pay it back in instalments if I do not have the full amount to hand?
I started renting the property in 2002. I have not declared this yet to the tax man and honestly didnt realise I had to pay tax until now. I am a retired british citizen, my wife works part time and I am in reciept of state pension.
Any advice you can give would be a great help and much appreciated.
Many thanks in advance
Sunday, July 18th, 2010
If you make a profit from your rental property of over £2,500 then you need to let the Inland Revenue know about your income by completing a tax return.
We offer a tax return service for people renting out their property, if you would like help: