F
finnster
Guest
A few years ago i took over the family farm from my mother. I paid her for to do this as well as paying my brothers and sister. In order to pay them i took out a substantial loan from the bank. The farm is let and the whole of the income is going towards the loan repayment. There are other bills which i meet the repayments of myself each year. I presumed in my naivity that i did not have to make a tax declaration as the income was going towards the loan and the bills would have cancelled any profit i made on the rental income. I also live and work fulltime in england. I am now going to approach the revenue to clear up this situation and i am a bit apprehensive about the outcome. Could anyone advise as to what is the best way is in sorting this out?