Looking for advice re the above. Declaring rental income to hmrc.
what's the best approach re penalty? Thanks.
My advice is not to try to do it yourself.
You've misunderstood the rules to date. Chances of you getting them right with the various changes over the years are slim. Reading into your question you may already be misunderstanding the terminology of the LPC.
Chances of you accurately calculating the interest, without previous experience, are low.
There is nowhere near enough information in your post to answer your question, indicating that you are unaware of the nuances involved.
Employ an accountant and start sleeping properly. You've already made a mistake in signing up for the LPC without consulting one.
Warning to others.
OP has considerably edited their question, so elements of my answer above will not make sense.
Some people just don't deserve the help offered, makes you wonder why they bothered asking for it.
Sorry Wanderer, your replies did not show when I posted not sure why
Yes I read the original as well
Seemed an unlikely total underpaid for the years involved
That would depend on the circumstances, you do not give much away
For a start you need to tell them who you are.
As you should here (nom de forum at least) since there is nothing about your question that is remotely sensitive.
As has already been said, you should appoint an accountant to deal with this. The very fact you are having to use the LPC at all shows you have not dealt with things correctly to date. What makes you think you are going to start doing so now?