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Where Taxpayers and Advisers Meet

Disclosing old property income help

Bill31
Posts:50
Joined:Sun Jan 19, 2020 12:32 am
Disclosing old property income help

Postby Bill31 » Wed Jun 24, 2020 9:39 pm

Hmrc have discovered i didnt declare some property income in 2009 and have asked me to provide details. I didnt declare it as i didnt know any better at time and i wasnt making much and had a huge loss the first year. I then lived in property as my main residence.

Now question is in 2009 i made a loss of 6k
2010 i lived in property before i rented it back out.
2011 i made profit of 1.2k
2012 i made profit of 1.4k
2013 i made profit of 1.4k

Now as i didnt declare loss at time can i offset the 2009 loss against years 2011 and 2012/13?
Or will they say as i didnt register the losses it cant be carried forward and make me pay for 2011 and 2012/13 as its been over 5 years?

jerome.lane
Posts:237
Joined:Mon Aug 12, 2019 8:41 am
Location:Sandhurst, Berkshire
Contact:

Re: Disclosing old property income help

Postby jerome.lane » Fri Jun 26, 2020 5:15 am

Nothing ventured, nothing gained! A claim could be refused. Get in touch if you want it looked at in more detail.
Jerome Lane
Tax Adviser
Telephone: 07943 005902


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