HMRC Let Property Campaign

You are here : Member Forums Tax Planning and Financial HMRC Let Property Campaign
This topic has been locked as no posts have been made within the last 90 days.
4 Posts
1 Thanks

Hello landlords

Here is the backstory:
My Wife and I own a property and have been renting it out since December 2011. We decided to go fully managed through an agent since we both worked full time jobs and were with 2 young children. At the time, we were given some bad advice about the tax situation, in that the capital part of the mortgage payments every month would eliminate any tax liability. And so we went on naively like this until I had that "oh no" moment.

So looking into it, HMRC can recover a lot of money if they find out themselves, so I made an unprompted disclosure and I'm trying to tidy everything up to send the form in.

Here are my two questions if anyone can help:

Am I right in saying my wife and I can jointly use our tax-free allowances and then basic tax band 50/50 since we own the house jointly? Or is it a single person does the whole thing?

When I make my disclosure, is getting bad advice a "reasonable excuse" or not? If it is I only have to go back 3 tax years/ If it isn't I have to probably go back to 2011-2012

Thank you all

05/07/2018 07:00

Want to read more?

This is a members only forum, if you want to read more you need to login to your membership, if you are not a member, click here to join.

This topic has been locked as no posts have been made within the last 90 days.
Landlord & Investment Show London Olympia 2019
Ideal Flatmate
John Pye Auctions

Share this page