[zachary]

I lived in a property for many years and due to circumstance bought another home with my new partner. I have since remortgaged my original property and changed the mortgage into both our names. I have rented out my original property for about 14 months, it is now empty and for sale. I was told by a friend that I only needed to declare any profit on the home I rented out. As I wasn't making any profit I didn't declare. I now think that is not the case.

Questions:
Should I have declared the remortgage amount to the Inland revenue and the subsequent rent?

If so how do I now declare it? Am I looking at a lot of money to be repaid? Would I have to pay any outstanding amounts immediately?.

I would appreciate any help
Thanks,
zachary