Properties rental income never declared before

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Guest007
Guest007 Registered Posts: 54 Epic contributor 🐘
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,

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  • JodieR
    JodieR Registered Posts: 1,002 Beyond epic contributor 🧙‍♂️
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  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
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    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
    Guest007 Registered Posts: 54 Epic contributor 🐘
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    Thank you dear.

    Any idea about the maximum and mimimum penalties?

    Needed some idea before I approach them.
  • T.C.
    T.C. Registered, Tutor Posts: 1,448 Beyond epic contributor 🧙‍♂️
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    Whatever the penalties, the Tax Returns need to be submitted!
  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
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    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 ;)
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