I am acting on behalf of a new client who has accumulated a couple of UK properties and now wishes to register with HMRC
for tax purposes .
The issue is that the first property was purchased in 2008/09 and since a couple more have been purchased in the period 2009/10
to 2011/12 .
Although I have not seen the books in detail the client has assured me they have not accumulated any substantial profits in this period
ie initial cost of improving the properties , letting agency fees and mortgage interest payments have negated any taxable profits .
My question is this , on registration , do they register say from today and when the time comes submit a return for 2012/13 only ( providing
there is no tax liablity for previous years ) or when submitting the first return do I need to aggregate 5 years ( assuming a 2008/09 to
2012/13 period ) .