Where Taxpayers and Advisers Meet

Forgot to Declare

sunny3000
Posts: 10
Joined: Wed Aug 06, 2008 3:13 pm

Postby sunny3000 » 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?

Curtis.Fisher
Posts: 15
Joined: Wed Aug 06, 2008 3:55 pm

Postby Curtis.Fisher » Fri Jun 29, 2007 2:25 am

seek professional advice, try CAB first

Peter D
Posts: 9995
Joined: Wed Aug 06, 2008 3:37 pm

Postby Peter D » 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

wamstax
Posts: 1648
Joined: Wed Aug 06, 2008 3:39 pm
Location: Operate Nationally but based in Aberdeen
Contact:

Postby wamstax » 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
bill@wamstaxltd.com
http://www.wamstaxltd.com
regards and hope this helps
bill@wamstaxltd.com
http://www.wamstaxltd.com
Operates Nationally with competitive costs


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