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Post Info TOPIC: Disclosure
pbr


Veteran Member

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Posts: 34
Date:
Disclosure


Hi all need help to fill Disclousure form which cleint had not diclare rental income since 2009 to 2017 below £5000 each year and HMRC told her to pay 20%  is first time for me any advise will be appriciate.

Thanks 



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msavania


Guru

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Posts: 838
Date:

pbr wrote:

Hi all need help to fill Disclousure form which cleint had not diclare rental income since 2009 to 2017 below £5000 each year and HMRC told her to pay 20%  is first time for me any advise will be appriciate.

Thanks 


 I would disclose using the Let Property Campaign, you will need to include the interest on any tax owed for each year as well as the penalty of either 0%, 10% and 20% depending on the reasons why the income was not declared, HMRC would say 20% as it is the highest, but maybe offer 10% and see if this is accepted



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Doug

These are only my opinions of how I see things and therefore should not be taken as advice



Master Book-keeper

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Date:

Artois wrote:
pbr wrote:

Hi all need help to fill Disclousure form which cleint had not diclare rental income since 2009 to 2017 below £5000 each year and HMRC told her to pay 20%  is first time for me any advise will be appriciate.

Thanks 


 I would disclose using the Let Property Campaign, you will need to include the interest on any tax owed for each year as well as the penalty of either 0%, 10% and 20% depending on the reasons why the income was not declared, HMRC would say 20% as it is the highest, but maybe offer 10% and see if this is accepted


 I read it as Minaxi was looking to sub out the work.

Hi Minaxi

Long time no see.

Does your PII cover enable you to undertake this work? Thats the first thing to check.

Are you listed as agent for this person? Thats the second thing to sort if not.

There is not sufficient information in your initial request to really help any further.

Why was this under-declared? What was the rent from? House, garage, room, something else?   How was the under declaration picked up and who by?   Were you aware of it earlier (or suspect it earlier)?

Care re the self assessment of the penalty rate as that could come back to bit if in fact HMRC are already aware of the underpayment, or indeed they do not accept the reasonableness of the claim or if they consider it was deliberate when perhaps you/your client argue the opposite.

 

 



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Joanne  

Fallows Hall Ltd 

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

 

pbr


Veteran Member

Status: Offline
Posts: 34
Date:

Thank you Doug and Joanne for all vital information and it is long time just been preoccupied in study.


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msavania


Master Book-keeper

Status: Offline
Posts: 7644
Date:

pbr wrote:

Thank you Doug and Joanne for all vital information and it is long time just been preoccupied in study.


 What is it you are studying?



__________________

Joanne  

Fallows Hall Ltd 

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

 

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