A landlord owned a large rental property portfolio but had not completed a personal tax return for a number of years. They were previously unaware of their obligations and so were concerned (quite rightly) that they would be the subject of a discovery by HM Revenue and Customs.
We were approached to advise on the best course of action to bring the landlord’s tax affairs up to date and minimise any tax and penalties.
The solution was simply to reconstruct the property income and expense details as thoroughly as possible and provide a detailed disclosure report to HM Revenue and Customs. Due to the time period involved and the nature of the income and expenses, certain assumptions needed to be made and these were clearly highlighted to HM Revenue and Customs.