A client is selling a rental property and it has come to light that the property is owned jointly with his wife whereas he has put all the income on his tax returns.
Property rented for 5 years, I did last 3 returns, he is a basic rate taxpayer, she earns just under the personal allowance.
How would you proceed?
Him: Revise 2018-19 and 2019-20 as in time and claim overpayment relief for earlier years (is he in time to do this?)
Her: Let Property Campaign
Or is there any way to argue no loss of tax to HMRC and sort this out a different way?
Thanks for any thoughts.