Self-assessment or accountant?
I have a second property that I have been rented out on and off since January 2008, though only recently started to make profit. I now realise I need to declare the income as part of my tax return, but should I fill out the self-assessments going back to Jan 08 or speak to an accountant first? If the latter, any London-based recommendations?
United Kingdom - 3 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
An accountant is the easy choice but obviously this will cost you initially, even if you could claim some or all of this cost back against your tax bill, there is at least some initial outlay. Why not speak to HMRC first - they are really good and want to help - I also know that they offer some excellent FREE courses to give you the guidance you need. Hope you find your answer
Answer 2 :
We are not ogres. File an amendement for the relevant years. We will post a penalty for non-declaring and then cut the penalty to no more than the unpaid tax (and you made a loss) so zero penalty. Losses from earlier years may be carried forward to apply to profits made later. No big deal - tidy records, post amendment, done.
Answer 3 :
Your local tax office would be able to help you although you might feel more comfortable paying an accountant to deal with it (but you will have to pay them to deal with the accounts and paperwork). As far as London based accountants, it depends where you are based - I know several including ones in Ilford, Walthamstow, Marylebone, Victoria, Hounslow and many other areas in London.
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