missing tax returns

C

catseye

Guest
Hi,
my new partner has not got round to filing a tax return for the past four years to cover her rental income. The liability amounts are not significant. She is in the process of sending in the 2004 one - should she just include the missing years also or contact the revenue before submitting. . How does the penalty work for previous years ? Do the revenue calculate that for you ? How do you handle a year where income was a net loss. ?

Advice welcomed
 
Advise your partner to go to an accountant for advice. They will fill in all necessary forms and correspond with revenue on her behalf. If its only rental income then an accountant should not charge too much.
 
Last edited:
Fill in the 2004 return.

  1. Send in a seperate sheet outlining the rental income computation for the earlier years.
  2. Any loss incurred can be carried forward and set against a profit for later years (note, the loss can only be set against rental income)
  3. There shouldn't be any penalties but if interest is due you will be automatically billed for it.
 
If her main Income is PAYE - like the civil servants - Revenue would be likely not to raise a murmur. I just sense that you have almost told the g/f that she is likely to be jailed. Also was it an investment property or was it ever the PPR?

How much was the rent?
What expenses did she have?
What interest did she pay?
What value was there on the fixtures and fittings?

As a guide the gross rental is now likely to be 3%.
If the loan was large .. this would on its own drag the income down.

She may have losses as was mentioned above.

Do the sums before youe engage the bloodhounds that are the Revenue.
 
You must log in or register to reply here.
Back
Top