tax relief at source

Snuggles80

Hi folks...need some practical advice here....basically due to my husbands work we have had to relocate for a couple of years starting back end of january. It was long enough whereby it was not finacially viable to not rent out our house during this period. Obviously we are no longer entitled to mortgage interest relief anyway. To cut long story short with the stress of moving and getting settled we foolishly are only gojng about sorting it out now after receiving a few months we know we aren't entitled to. Now, morally it never really bothered us because we will be moving back so just means less entitlement when we're back, plus it would mean a higher tax bill as less interest to write off. But I'm not naive enough to think revenue see things like that so I'm anxious to come clean and pay back the back dated interest relief. I just thought I'd post to get an idea of the process. Is it a simple case of sending in the forms as normal and ringing them to explain and then writing to them and then they send a bill or something and that's it done and dusted?Is there any sense in just saying nothing since its cost neutral to revenue in the long run (I think I know the answer to this but no harm in asking). I know from experience sorting things out before with a separate rental property that revenue can be easy enough to deal with so don't mind going down that route but I suppose I'd like to be forewarned if this is a messy thing to put right......Anyone any experience or advice? Thanks.....

exaisle

The lack of a response may indicate that your best course is to engage the services of an accountant/tax advisor.