Updating post from Reddit.
I’ve just made a disclosure under the let property campaign for 2018-2021; 22/23 and 23/24 I declared via self assessment.
Property only made a profit in 2018/19. Every other year it has made a loss due to flooding, internal damage etc.
I have a very nervy feeling though that I won’t be able to offset losses like I have via the disclosure because they occurred several years ago. Anyone have any insight? There was no information provided on the form to guide me.
You'll be fine and the penalties will be low. At least you made the disclose that this will go in your favour.
I'm saying this as someone who's seen this hairbrush to a colleague but he was actually approached by HMRC ie found out rather than self disclosing.
You'll be in a better place than that
Read the website a minute ago as I hadn’t heard of this, it does say anything declaration made over a significant amount of time (classed as 3+ years) would have a maximum discount of 10% on the 100% penalty
So reading that I would assume whatever is owed will be the same as the penalty, minus a maximum of 10%