Landlords and Property Accounts
The number of people who own multiple properties for rental purposes is still relatively high. It remains a popular way of earning an income. However, there are many things which need to be planned for, such as management, insurance, maintenance and, of course, tax!
If you currently own more than one property or are entertaining the idea of investing in residential or commercial properties for rental purposes, there are several taxation issues which need to be taken into consideration. Earning any income in this way can have a significant impact in terms of tax, for both individuals and businesses, and as such, you are legally required to report such rental income to HMRC.
Our qualified and experienced taxation advisors offer comprehensive and tailored services to:
●Buy-to-let investors
●Landlords
●Second home owners
●Rent-a-room landlords
For an initial free consultation and a fixed fee quote, please do not hesitate to contact us today and let us tell u how we can help.
UK Property Tax – living and working abroad
When moving abroad for work or even retirement, many people choose not to sell their UK home, but instead to rent it out as a way of earning an additional income.
Any income which takes you above the annual tax threshold of £12, 500 (as of April 2020), should have the relevant tax paid on it.
If you are a UK Citizen living and working abroad, perhaps in the USA, Europe or the Middle East and you have a rental property back in the UK, you may still need to file a self-assessment tax return and pay taxes to HMRC.
If you are not sure whether this applies to you, give us a call and we will be more than happy to clarify it for you.
We can also talk you through the Non-Resident Landlord scheme, which was set up by HMRC to tax non-UK residents who choose to rent out their property in the UK.
If you are unsure how living and working abroad, but still owning a rental property in the UK will affect you in terms of tax, or if you are unclear on how much tax you should be paying, it’s essential that you seek specialist and professional advice in order to deal with what can be a very complicated matter.
We are extremely knowledgeable and experienced in dealing with such matters and we are here to help you navigate your way through the process smoothly and hassle-free as possible.
We are here to help, it’s what we do, so do not hesitate to contact us today. Our dedicated team will guide you, according to your personal circumstances, and help you ease your burden by taking care of all your tax obligations while you are abroad, giving you one less thing to worry about.