Should have declared taxable income on last year's tax form!

[greyduster]

While sorting out this year's tax details I found a one off taxable item on my January 2018 e-statement that belonged to 29 December 2017. I intend to explain my mistake at our local tax office early next week. Does anyone know what penalty I am likely to incur?

Thanks in advance.

[suein56]

In my humble opinion I doubt that a huge penalty will be imposed but it all depends on your tax office.

You will, presumably, have to pay the tax which would have been due and perhaps 10% extra for late payment.

But with the changeover to payg it might be different.

I've always found the tax people to be very helpful .. but again that depends on the particular office.

[JohnFB]

Why not mitigate the issue. Declare with your 2018 revenue and if picked up in the future the answer would be. oops silly me wrong year.

JF

[greyduster]

Thanks to you both. I did think about declaring it on this year's form. I suppose the penalty would still be similar to the one in Sue's reply plus 4% interest, perhaps.

Can capital gains be offset against my personal allowance?

[woolybanana]

I would be surprised if the Fisc demanded penalties as you have been honest and owned up to a genuine mistake.

You could either phone or email them which is not so good as a face to face, IMHO, or simply do as has been suggested and stick it on this year’s form.

[suein56]

grey duster wrote : Can capital gains be offset against my personal allowance?

If you are talking about France then there is no capital gains allowance .. you pay from the first euro of gain.

[greyduster]

So the 0% rate on up to €9,964 French personal allowance is not deducted from any capital gains (even if, for example, the profit was your only source of income)?

[greyduster]

UPDATE:

I decided to take a punt on mea culpa. Popped into the local tax office this morning and explained what I'd done. Good result: no penalty and half the expected amout of tax to pay!

[suein56]

greyduster wrote : UPDATE:

I decided to take a punt on mea culpa. Popped into the local tax office this morning and explained what I'd done. Good result: no penalty and half the expected amout of tax to pay!

Congratulations .. you must feel better for having come clean☺ .. and also be relieved that you were not hung, drawn and quartered for admitting an honest mistake ☺

[greyduster]

Very relieved, thanks, Sue!