Declaring income from previous years

[rajdaya]

being unaware that I had to declare income below £7100 as I had mistaken this for something else, I have recieved income for the last ten years.

Income around £60,000, there have been various maintenance costs etc which equate to around £15,000 and also interest payments on the mortage at around £20,000.

I want to declare it as I have recived a tax return for year 2002-2003, for the first time.

What are my options and how do i go about it!

[Taxbar]

Dear rajdaya,

this is a serious matter and you need to have a professional negotiate for you with the Inland Revenue.

Before that can happen they need to get all the information from you and prepared accounts etc for the source of your income.

Then, an experienced adviser will try and get the Inland Revenue to reduce the penalties and interest on your failure to declare to a minimum.

If you come to them its normally taken into account.

Daniel Feingold