Rental Income

[naama32003@yahoo.co.]

Any one out there please help!

I filled in my tax form for 2002/3 and the tax office have decided to invetigate that return.

I have looked at the return and have realised there are serious errors in the figures I have provided.

On the form I have provided the following information:

Rental Income: 2500
Maintenance: 501
Insurance: 90

Having looked at the the figures again I should of put:

Rental Income: 5800
Maintenace: 900
Insurance: 90

I have no Idea how I came up with the original figures.


Can amyone tell me how I go about telling the revenue about my mistake?

Should I get a accountant to deal with this on my behalf?

What will the cosequences be for this mistake?

Any help most appreciated.

[King_Maker]

I would contact your accountant in the first instance. If he/she is your agent, he/she may already know about the Enquiry.

The consequences are likely to be interest on the extra tax due, and a penalty if negligence (or fraud) is involved. The penalty can be up to the amount of the extra tax.

[Instinctive]

Is this the first year of declaring rental income?

Are there similar serious mistakes in prior years as well ?

The tax office will look at all other aspects of your tax affairs as well.

It is best to own up to your mistake immediately and you will incur a much smaller penalty.

Ramnik
ramnikrp@hotmail.com