Late Submission of Taxes

[Babycakes]

Hello,
I have rental income that I didn't declare for 2007 in Oct 2008, due to personal issues that arose around the time for Submission. Its was a loss but I still want to submit, will I be penalised for late submission, even though I am at a loss position? Whats the best way to submit now?

Thanks!

 

[Domo]

The penalty for late filing of a return is a % of the outstanding tax. If the liability is NIL, the penalty will be NIL.

File the return as soon as possible either on paper or on ROS.

You will need to prepare rental accounts and make sure you are claiming all relevant deductions. Please note that if you are not registered with the PRTB you can not claim tax relief on mortgage interest paid.