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Where Taxpayers and Advisers Meet

Overdue tax declarations

shazidali099
Posts: 2
Joined: Wed Aug 06, 2008 3:42 pm

Postby shazidali099 » Mon Aug 21, 2006 11:09 am

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
Posts: 899
Joined: Wed Aug 06, 2008 3:40 pm

Postby al_eebee » Mon Aug 21, 2006 1:55 pm

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


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