Non-disclosure of rental income
A new client has undisclosed rental income going back to 1991. During that time the tenants have mainly been family members paying an amount of rent that barely covered the mortgage and expenses, so the amount of tax due is likely to be fairly low. The client's mother occupies part of the property, this being the reason for the original purchase.
Unfortunately this is not a voluntary disclosure, the client has received a letter from the Revenue out of the blue.
Will the client be required to complete tax returns for all these years, or will it be a matter of drawing up income and expenditure accounts for this source and only submitting these?
Any advice would be gratefully received.
- Claiming annual pension allowance top up in SATR 154 2
- Leaving the VAT FRS Scheme or trying to stay as long as possible? 191 3
- Xerocon 2016 1,223 35
- Mortgage Reference 540 8
- Rounding errors on CT600 247 7
- Insovent companies 883 19
- New Build 203 1
- Entrepreneurs' Relief upon sale of a cash rich company 2,296 48
- BrightPay quirks 217 2
- HMRC now overriding SA bank repayment details on tax returns 805 20
- Website Content 174 1
- Personal Tax 630 12
- Starting band for savings - for 2014/2015 193 1
- USA Tax Query 310 2
- Website costs (intangible assets) tax relief 441 5
- last minute request 655 6
- buying asset and settling vendor's debt 362 6
- Posting invoices with balance brought forward 397 7
- Disengagement Help! 1,740 25
- Is HMRC Basic Tools basically wrong? 988 6