Overdue tax declarations

[shazidali099]

Hi,

I bought 2 properties three years ago. I did not declare the incopme as I had been making losses. I have been told by a friend that I need to declare losses as well. As I am self employed and did not declare the income on my tax returns before would there be any penalties if I inform them now.

Reagrds,
Shazid

[al_eebee]

If you have been making losses there would be no penalty, though technically you have made incomplete returns and should probably expect some form of enquiry into your returns