I am writing here on this forum because I want to sort my tax and financials out asap, and want to try and understand the tax system better.
My husband and I fell on very hard times back in 2008/9 and lost our jobs after that our main focus was to try and save the family home, and appease the banks. Back and forth stress and more stress. He finally left in 2010 and went back to Australia and I doubt I will see him again as we separated. He is uncontactable. Anyway, sorry, a long story here, but just to say that I ended up very stressed, sick and had a breakdown and went and stayed with relatives for a while and then house-sat a friends apartment on and off for 18 months. In that time, when he left, to get some money in my husband had gotten his letting-agent friend to rent the house out. That money goes to the mortgage and bills and I dont touch it. Its a joint account but he doesnt use it or access it anymore.
But its only in the past few months now that I have been well enough to look at our financial mess and start sorting it out. Red letters and threats from the bank because our payments are too low and we missed a couple of months. And all sorts of other stuff.
Anyway, so we havent paid tax on this rental income and I must do something about it. I havent a clue where to start as my husband usually did the financials. When I was house-sitting I was doing it in Scotland, so effectively an overseas landlord really, but I never changed my address or anything because my sister held my post for me. But I told the bank recently (when writing about my efforts to pay the mortgage - ie that I am living free so we can get some cash in with rent ec) and its likely now on my bank records that its been rented out. Also, the main evidence is from the bank statements which show money deposited by the agent.
I know I should really talk to a tax accountant about this really but I wanted to ask here on this forum whether there is confidentiality in me getting advice? If I reveal this all to someone and lay all my cards on the table, arent they legally bound to report me? I do not know who to trust.
Also, Im sure there is going to be hell to pay and I know that ignorance is no plea, so please I hope I can get some feedback here without a scolding.
Questions:
1- Do I declare that I was overseas, and sort this out as an overseas landlord ,even though no bills, job, or lease to show new domicile? - even though I was getting no wage or on a lease etc abroad? I may move to London soon for a fresh new start, but currently back in Ireland since Christmas
2- How bad are the penalties going to be? Is there an amnesty if I am willing to pay it all back now plus penalties? I have very little money but will redirect this rent back to revenue instead of the bank.
3- What is the next step?
Thank you for any helpful advice on this matter
My husband and I fell on very hard times back in 2008/9 and lost our jobs after that our main focus was to try and save the family home, and appease the banks. Back and forth stress and more stress. He finally left in 2010 and went back to Australia and I doubt I will see him again as we separated. He is uncontactable. Anyway, sorry, a long story here, but just to say that I ended up very stressed, sick and had a breakdown and went and stayed with relatives for a while and then house-sat a friends apartment on and off for 18 months. In that time, when he left, to get some money in my husband had gotten his letting-agent friend to rent the house out. That money goes to the mortgage and bills and I dont touch it. Its a joint account but he doesnt use it or access it anymore.
But its only in the past few months now that I have been well enough to look at our financial mess and start sorting it out. Red letters and threats from the bank because our payments are too low and we missed a couple of months. And all sorts of other stuff.
Anyway, so we havent paid tax on this rental income and I must do something about it. I havent a clue where to start as my husband usually did the financials. When I was house-sitting I was doing it in Scotland, so effectively an overseas landlord really, but I never changed my address or anything because my sister held my post for me. But I told the bank recently (when writing about my efforts to pay the mortgage - ie that I am living free so we can get some cash in with rent ec) and its likely now on my bank records that its been rented out. Also, the main evidence is from the bank statements which show money deposited by the agent.
I know I should really talk to a tax accountant about this really but I wanted to ask here on this forum whether there is confidentiality in me getting advice? If I reveal this all to someone and lay all my cards on the table, arent they legally bound to report me? I do not know who to trust.
Also, Im sure there is going to be hell to pay and I know that ignorance is no plea, so please I hope I can get some feedback here without a scolding.
Questions:
1- Do I declare that I was overseas, and sort this out as an overseas landlord ,even though no bills, job, or lease to show new domicile? - even though I was getting no wage or on a lease etc abroad? I may move to London soon for a fresh new start, but currently back in Ireland since Christmas
2- How bad are the penalties going to be? Is there an amnesty if I am willing to pay it all back now plus penalties? I have very little money but will redirect this rent back to revenue instead of the bank.
3- What is the next step?
Thank you for any helpful advice on this matter