UK Tax submission for UK second property

[Ethan123]

Hi,

I am slightly embarrased to post this.

A friend of mine was asking me about my tax returns on my second property that I rent out. I advised that I have never submitted a tax return. From our disucssion, I appreciate this is very important and do not know how to go about it considering that I have owned the house for over 15 years.

Any help would be apprecaited.

 

[Fidget]

You're supposed to declare income from *all* sources each year. If you're employed, then you'll have been paying tax on that income through PAYE and do not need to complete a tax return. Generally, you do need to complete a tax return for all other sources of income.

If you haven't already got one, you need to create a account with HMRC so that you can complete your tax return online (it's called a 'self assessment'). You can find details of how to do in via an internet search on creating a self assessment account. Although I think you might have to submit paper forms for the earlier years.

Might be best to try and work out how much tax you're going to owe - might be best to pay an accountant to do this for you. You'll need as much evidence as you can find in relation to income from and expenditure on the property for each year, along with other sources of income (including from employment) for each of those years as well. They'll able to work out your tax due, and possibly also advise on what you can expect in terms of interest and late payment penalties.