So, through my own stupidity I'm in a fairly large pickle...
I'm a non-resident who is renting out a small flat in the UK for the last few years. I'd assumed that my parents, who have been managing the place, had paid the tax on it. Turns out they haven't...
So, deducting the mortgage interest but nothing else, I'd say I've probably made around £230 a month on it, so my tax bill would have been tiny, sigh.
Now, obviously it's going to be very expensive with fines and all. I'm looking at around £2800 per year for the last 7 years but I imagine deductables would reduce it
Any advice or estimation of what it might cost me? I know I've been a prat, could do with some help.
I'm a non-resident who is renting out a small flat in the UK for the last few years. I'd assumed that my parents, who have been managing the place, had paid the tax on it. Turns out they haven't...
So, deducting the mortgage interest but nothing else, I'd say I've probably made around £230 a month on it, so my tax bill would have been tiny, sigh.
Now, obviously it's going to be very expensive with fines and all. I'm looking at around £2800 per year for the last 7 years but I imagine deductables would reduce it
Any advice or estimation of what it might cost me? I know I've been a prat, could do with some help.