The Book-keepers Forum (BKF)

Post Info TOPIC: Disclosure
pbr


Veteran Member

Status: Offline
Posts: 40
Date:
Disclosure
Permalink Closed


Hi all need help to fill Disclousure form which cleint had not diclare rental income since 2009 to 2017 below £5000 each year and HMRC told her to pay 20%  is first time for me any advise will be appriciate.

Thanks 



__________________
msavania


Guru

Status: Offline
Posts: 1313
Date:
Permalink Closed

pbr wrote:

Hi all need help to fill Disclousure form which cleint had not diclare rental income since 2009 to 2017 below £5000 each year and HMRC told her to pay 20%  is first time for me any advise will be appriciate.

Thanks 


 I would disclose using the Let Property Campaign, you will need to include the interest on any tax owed for each year as well as the penalty of either 0%, 10% and 20% depending on the reasons why the income was not declared, HMRC would say 20% as it is the highest, but maybe offer 10% and see if this is accepted



__________________

Doug

These are only my opinions of how I see things and therefore should not be taken as advice



Master Book-keeper

Status: Offline
Posts: 8646
Date:
Permalink Closed

Artois wrote:
pbr wrote:

Hi all need help to fill Disclousure form which cleint had not diclare rental income since 2009 to 2017 below £5000 each year and HMRC told her to pay 20%  is first time for me any advise will be appriciate.

Thanks 


 I would disclose using the Let Property Campaign, you will need to include the interest on any tax owed for each year as well as the penalty of either 0%, 10% and 20% depending on the reasons why the income was not declared, HMRC would say 20% as it is the highest, but maybe offer 10% and see if this is accepted


 I read it as Minaxi was looking to sub out the work.

Hi Minaxi

Long time no see.

Does your PII cover enable you to undertake this work? Thats the first thing to check.

Are you listed as agent for this person? Thats the second thing to sort if not.

There is not sufficient information in your initial request to really help any further.

Why was this under-declared? What was the rent from? House, garage, room, something else?   How was the under declaration picked up and who by?   Were you aware of it earlier (or suspect it earlier)?

Care re the self assessment of the penalty rate as that could come back to bit if in fact HMRC are already aware of the underpayment, or indeed they do not accept the reasonableness of the claim or if they consider it was deliberate when perhaps you/your client argue the opposite.

 

 



__________________

 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position

pbr


Veteran Member

Status: Offline
Posts: 40
Date:
Permalink Closed

Thank you Doug and Joanne for all vital information and it is long time just been preoccupied in study.


__________________
msavania


Master Book-keeper

Status: Offline
Posts: 8646
Date:
Permalink Closed

pbr wrote:

Thank you Doug and Joanne for all vital information and it is long time just been preoccupied in study.


 What is it you are studying?



__________________

 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position

Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.

Tweet this page Post to Digg Post to Del.icio.us
Members Login
Username 
 
Password 
    Remember Me  
©2007-2024 The Book-keepers Forum (BKF). All Rights Reserved. The Book-keepers Forum (BKF) is a trading division of Bookcert Ltd. Registered in England Company Number 05782923. 2 Laurel House, 1 Station Rd, Worle, Weston-super-Mare, North Somerset, BS22 6AR, United Kingdom. The Book-keepers Forum and BKF are trademarks of Bookcert Ltd. This forum is a discussion forum only. There will usually be more than one opinion to any question and any posting should not be viewed as a definitive solution. No responsibility for loss occasioned to any person acting or refraining from action as a result of any posting on this site is accepted by the contributors or The Book-keepers Forum. In all cases, appropriate professional advice should be sought before making a decision. We reserve the right to remove any postings which are offensive, libellous, self-promoting or engaged in covert marketing. We will not notify users of removals. The views expressed in the forum posts are those of the individual and do not necessary reflect or agree with those of The Book-keepers Forum. Any offensive or unsuitable posts will be removed by the moderators. Any reader of this forum can request for a post to be looked into by sending an email to: bookcertltd@gmail.com.

Privacy & Cookie Policy  About