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Registering for Self Assessment - Previous years

Registering for Self Assessment - Previous years

Hi ,

      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 ) .

      Many thanks



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03rd Aug 2012 14:41

"register with HMRC" What was

"register with HMRC" What was he doing before he accumulated the properties?

If there is no tax to pay and he has not been asked to submit an SAR they will not penalise you so start with latest return. Conversely they will -  so the only way forward is to do the numbers and see if, as he says there is no tax to pay in previous years

Thanks (1)
By vince8
03rd Aug 2012 16:33


Be careful of these costs which no doubt could be substantial but may not all be tax deductible.

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