I bought an investment property about 6 years ago and after expenses I have a surplus of about £250 per month. I have never declared this income or paid tax on it. How do I go about putting this right?
The Taxman is running a series of campaigns to encourage people to come clean about unpaid tax, the latest of which is aimed at people who sell through online markets. Although this is not your situation, you can make a disclosure of your rental profits. You will have to work out how much tax you owe and the interest due on that late paid tax, but we can help you with this. There will also be a penalty to pay, but as you are volunteering the information without being asked, the penalty should be minimal. The penalty could possibly be about 10% of the tax due.