T W A U The Chase, From Yesterday.....
Film, Media & TV3 mins ago
Massive Tax Problem
26 Answers
My husband rented out his flat 10 years ago, the Agent at the time told them they would sort everything and pass the remains rent on to him monthly.
He's now going to sell it and has now discovered no tax has ever been paid!
He was very naive, he realises that now but it's too late.
He a very proper and law abiding man who has worked hard, never even had a parking ticket.
He's now worrying himself sick ( and so am I) he thinks he will be found out and go to prison, we will loose our home etc etc.
He's a broken man who can't think of anything else, any advice really appreciated
He's now going to sell it and has now discovered no tax has ever been paid!
He was very naive, he realises that now but it's too late.
He a very proper and law abiding man who has worked hard, never even had a parking ticket.
He's now worrying himself sick ( and so am I) he thinks he will be found out and go to prison, we will loose our home etc etc.
He's a broken man who can't think of anything else, any advice really appreciated
Answers
Good advice here: https://
22:21 Tue 01st May 2018
Good advice here:
https:/
https:/
common
your arent in the middle of nowhere
go to an accountant and ask him to make a voluntary declaration
There will be tax due - ( I cant believe there is no tax due on a rental property over ten years ) - but he needs proper accounts - because some things will be chargeable,
but there will also be various penalties a fixed fine for not doing a tax form.
this is really really common - my nephew had to do this after he forgot do a tax form for 6 years. He admitted I had told him -
your arent in the middle of nowhere
go to an accountant and ask him to make a voluntary declaration
There will be tax due - ( I cant believe there is no tax due on a rental property over ten years ) - but he needs proper accounts - because some things will be chargeable,
but there will also be various penalties a fixed fine for not doing a tax form.
this is really really common - my nephew had to do this after he forgot do a tax form for 6 years. He admitted I had told him -
no one goes to prison for neglecting to do a tax form even on a regular basis
the penalties are a subject of negoatiation
which is why you need prefessional help
for six years of non compliance, my nephew got away with £600 - whereas it could be £250 flat for each form and £10 amonth thereafter.
prsion is out of the question
the penalties are a subject of negoatiation
which is why you need prefessional help
for six years of non compliance, my nephew got away with £600 - whereas it could be £250 flat for each form and £10 amonth thereafter.
prsion is out of the question
