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Where Taxpayers and Advisers Meet

Amend Self Assessment for foreign rental?

dimke
Posts:21
Joined:Mon Nov 03, 2014 4:49 am
Amend Self Assessment for foreign rental?

Postby dimke » Tue Dec 07, 2021 8:08 pm

I started renting out a small property in S. Europe in 2017 and pay taxes there, which seemed similar to the taxes here (and the first year it was even at a loss), so I didn't actually add it to my very simple otherwise self-assessment, mostly due to laziness, thinking it doesn't really matter if I don't owe due to the double taxation tax treaty.
However, I found out recently discussing it with someone in the same situation, that most of the tax I pay there is property tax, which would be considered an expense, not income tax, so I would end up owing a few hundred quid per year. I will therefore declare it for last year now, but I should really go back to amend as far back as 2016-2017. The HMRC website is a bit vague on that, it says "write to us" to amend something that old, which sounds a bit strange (my assessments are done online - there is no amend option for that far back).
Any idea what this sort of amendment involves? Any advice?
Thanks in advance!

D&C
Posts:154
Joined:Mon Nov 25, 2019 11:35 pm

Re: Amend Self Assessment for foreign rental?

Postby D&C » Tue Dec 07, 2021 8:22 pm

You cannot amend returns for 2018/19 or earlier years.

There are time limits which prevent this and your only option is to write to HMRC with the details.

You can send updated pages (print from gov.uk) to show what the return should have shown but you cannot actually amend them anymore.

dimke
Posts:21
Joined:Mon Nov 03, 2014 4:49 am

Re: Amend Self Assessment for foreign rental?

Postby dimke » Tue Dec 07, 2021 10:24 pm

You can send updated pages (print from gov.uk) to show what the return should have shown but you cannot actually amend them anymore.
How about this Let Property Campaign: https://www.gov.uk/government/publications/let-property-campaign-your-guide-to-making-a-disclosure/let-property-campaign-your-guide-to-making-a-disclosure ? Is this perhaps how I should go about it?

dimke
Posts:21
Joined:Mon Nov 03, 2014 4:49 am

Re: Amend Self Assessment for foreign rental?

Postby dimke » Thu Dec 09, 2021 3:22 pm

So, no-one has experience with this "Let Property Campaign" or any idea about it? Thanks.

darthblingbling
Posts:698
Joined:Wed Aug 02, 2017 9:09 pm

Re: Amend Self Assessment for foreign rental?

Postby darthblingbling » Thu Dec 09, 2021 4:29 pm

I have experience with it. It will require you to go back to 16/17 as I doubt they'll only accept the last 4 tax years given no reasonable care is evidenced. You'll need to file a tax return for 2020/21 as this is still active. If you filed for 2019/20 you will also need to amend that return as the deadline for amendments hasn't passed yet.

Going via this method is the cleaner option and likely if this was just a careless mistake the behaviour based penalties will be mitigated to the minimum. Penalties on late payment of tax will still apply along with interest which you will be required to calculate. I believe it also mitigates non filing penalties as I don't recall HMRC levying these for my previous client.

Have you got all your calculations ready?

dimke
Posts:21
Joined:Mon Nov 03, 2014 4:49 am

Re: Amend Self Assessment for foreign rental?

Postby dimke » Sun Dec 12, 2021 8:35 pm

Have you got all your calculations ready?
Thanks.
I am compiling them, seeing if I need an accountant that knows both systems to go through them as well.


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