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  • Tax

    Let Property Campaign Disclosure

    Did you get the disclosure all sorted?


    Deb

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    Debbie Franklin

    Director of Tax Peplows Limited

    CTA ACA FCCA

    It's ongoing, due to the losses I made in the first couple of years I only made a profit in 2015/16 of just over £220, which attracted a tax of £45 plus 10% penalties, if they accept my 10% proposal on the form, I don't see why they shouldn't though, it's hardly the crime of the century me coming forward to tell them I owe them this poxy amount is it? The campaign wouldn't let me go any further forward from that year, so they've said once this payment is dealt with they will be setting me up for self-assessment for a year, then will be probably collecting subsequent tax via PAYE as my profits are under £2500 (no idea how that works if it varies very year).

    I've also read on the gov website that for this tax year they're bringing in an allowance of £1000 for landlords like me who only make a small amount, which for the next few years should reduce my liabilities to near zero.

    But the answer to your question is, yes, I think so. Or at least it's well on the way to being sorted.

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