Properties rental income never declared before

Guest007

We have a client who has six properties in total. He started acquiring the properties form 2000. By 2010, he has 7 properties in total.

The client never thought of doing tax return for this rental income. He came to us and told us the situation he was interest to know how can we approach HMTC about it.

What is the maximum/minimum fines and implications to this situation?

Can somebody with some experience in similar type of case give some idea please?

Regards,

JodieR

http://forums.aat.org.uk/showthread.php?32956-How-far-must-I-go-back

Monsoon

New regime penalties
http://www.hmrc.gov.uk/about/new-penalties/


Old regime penalties apply to those tax years before the new regime kicked in (2010?).

Write to HMRC asap, disclose, and then get on with getting the returns done

Guest007

Thank you dear.

Any idea about the maximum and mimimum penalties?

Needed some idea before I approach them.

T.C.

Whatever the penalties, the Tax Returns need to be submitted!

Monsoon

Guest007 wrote: »

Thank you dear.

Any idea about the maximum and mimimum penalties?

Yes - see my link. Part of forum advice is telling folk the answer. The other part is helping people know how to find the answer