Forgot to Declare

Postby sunny3000 on Fri Jun 29, 2007 1:37 am

I have forgotten to declare a small profit on a property transaction back in 2004. If I declare it now will it trigger an investigation? WHat shoould I do?
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Postby Curtis.Fisher on Fri Jun 29, 2007 2:25 am

seek professional advice, try CAB first
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Joined: Wed Aug 06, 2008 3:55 pm

Postby Peter D on Fri Jun 29, 2007 2:46 am

Are you sure there was a gain after all the relief's enhancements Legal and sales fees and you CG allowance. If you are not sure provide all the dates and numbers and your salary that FY and w'll see if there is a tax laibility. Regards Peter
Peter D
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Postby wamstax on Wed Jul 11, 2007 3:52 pm

you say that there was a small profit.... How small? It could be exempt under your annual Cap gains exemption limit and reduced by tings like indexation and taper relief and possibly lettings/or principal private residence relief. Full details and uses would enable a better response
regards and hope this helps
Operates Nationally with competitive costs
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Location: Operate Nationally but based in Aberdeen

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