UK Landlord Forum / Life

Hi, I remort my flat btl for 50k at a whopping 7% sept 09 because I wanted to buy a repo house with my gf, this was the only way of getting the house.  The flat been rented out successfully via a agent since then.  I dont want the flat, I barely make £100 after the agents / mort. and want to sell soon as i'm unlocked from the exit penalty/house market picks up! I dont get tax relief on my mort, claim for anything - I just normal working average tax bracket chap! etc etc

basically my question -  Have I left it too long to contact the tax office? and be fined anyway and secondly if I sell next yr - are they really gonna find out?


need some advice plz guys!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

You should probably talk to an accountant about this. They maybe able to get you out of this situation.

When it comes to selling, just make sure the profit is declared as capital gains, and you maybe ok! Since you're making only £100, you maybe able to offset most of your costs, so you prob wouldn't even pay tax, or at least, not THAT much.