Good Afternoon,
May I request some advice,
Background
I bought a property after a divorce in September 2005, lived in the property until May 2009, then letting it out through a letting agent until present day ,
I got deployed with the military, then when I returned I moved in with my partner and just carried on the let
I used the profit to pay the mortgage , unwittingly did not even enter my mind that I was supposed to pay tax on it until earlier this week, when I started to look into selling the let property.
I owe approx £11,000 in taxe arrears after working out the figures, completely mortified that I could be so stupid, never entered my mind about tax.
I have since on realising that I owe tax, done the following.
First contacted HMRC
Then registered with the Let Property Campaign
Appointed an accountant to go through all my finances, including all the letting agents statements, my P60s for every year, mortgage statements and anything else that may be requested either by my accountant or the HMRC.
I m worried sick about the following.
Criminal charges
The penalties and interest
Debt collection/ recovery.
How will I be able to fund the tax debt owed to the crown I do have savings that would cover most of the debt, but not the interest/ penalties etc
I feel completely stupid and my personal integrity is in pieces.
I really do want to right a wrong
Any advice would be most grateful on how I can get myself out of this mess, that is my own doing.
Thank you in advance
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