Never registered with HMRC

[noopin]

Deep intake of breath...I'm far from being the only landlord in this position, I'm certain. The long and the short of it is that we've never declared our properties for tax. Somehow, the momentum of buying, refurbing and letting four houses allowed us to procrastinate indefinitely. Certainly, we've insured, certificated and maintained the places, and let them properly. There has never been sizeable equity, but after our fixed rates ended, there's been a significant monthly income (net of expenses), around £500.
So, the question is - what is our least damaging course of action from here? (Let's agree to forgo most of the reproving comments)
Thanks

[Telometer]

How many years for?

[theartfullodger]

Contact HMRC soonest and explain all, honestly. The later you leave it the greater the chance that an aggrieved tenant/relative/neighbour/agent will "advise the government of some funds owing in these troubled times..." and then you really have a problem...

Then collate all data/records/receipt/bank statements and if you don't feel comfortable "getting it right" 1st time hire a good, Landlord knowledgeable, accountant. Clearly you'd be nothing but scrupulously honest & above board.

[Telometer]

Absolutely not.

Do not do that in that order, and do not do it at this stage.

It all depends how long this has been going on. There may even not be any real issue.

[noopin]

First one in '04, 2nd '06, 3rd '07.

[Always Problems]

With respect. Very roughly work out the rent you have received over the years, deduct your estimated expences then go to an Accountant, tell him the problem and find out how much he will charge to act for you. Based on the initial rough estimate of what you have earnt he will decide what to charge you, he will then contact the Inland Revenue, and you can then relax.
Ps you also need to remember that you can claim 42p (?) per mile car allowance for going backwards and fowards, meeting tenants etc it all totts up.

[Solent Watcher]

With my HMRC (very) savvey other half alongside me right now strongly support #3. Doing nothing, although not suggested in #s, is not an option becuase if HMRC "finds out" you will not only get hammered in fines but also have to produce masses of paper! They are also in control of the process from that point. Go get yourself a decent accountant, engage him/him, and let them deal with HMRC on your behalf. AND SOON!!!

[Telometer]

With my HMRC (very) savvey other half alongside me right now strongly support #3... Go get yourself a decent accountant, engage him/him, and let them deal with HMRC on your behalf. AND SOON!!!

That's not the order which #3 suggested. #3 is asking to get himself into deep trouble by talking to HMRC himself. I very strongly urge OP - and anybody else in his position - not to follow #3 but to follow #7.

Anyway, it's perfectly likely (if the mortages are interest only and the business wasn't showing a profit) that the problem of unpaid tax has only arisen in years where submission of a return would only be late rather than horribly out of time.