Property Letting in the UK or Overseas
Residential or ‘Buy to Let’
Property Letting for UK and Non-UK residents
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If you are letting residential property or land in the UK, then there is normally a requirement to register for self-assessment with H.M. Revenue and Customs.
The property letting activity would need to be reported on an annual Tax Return in the UK.
The Tax Return should include the income from rents received, less any relevant expenses. The expenses could include letting agents and accountancy fees, repairs/maintenance, insurance, service charges, council tax, water and other related costs.
The form that needs to be completed to register for self-assessment with H.M. Revenue and Customs is Form SA1
Once registration has been completed for self-assessment with H.M. Revenue and Customs (HMRC) then normally HMRC would request that a Tax Return is completed and filed for the tax year, which ends on 5th April each year,
which we would deal with on your behalf, with tax advice included.
When a new letting activity has commenced for the first time, in the year to 5th April, then there is a requirement to notify HMRC of the commencement, by the following 31st October.
The Tax Return would need to be completed and submitted to HMRC, if filed online, by 31st January. This would cover the tax year ending on the previous 5th April. Any tax due would also be payable by 31st January.
For Non-UK Residents
If you are Non-UK resident with UK property or land, let via a letting agent, then unless application has been made to HMRC, under the Non Resident Landlord Scheme, the letting agent would normally be required to deduct tax.
This would be at the rate of 20% of the rents received via the letting agent. Any overpayment of income tax, as a result of the tax deducted at source, can normally be reclaimed from HMRC, when the annual UK Tax Return is completed and submitted to HMRC,
which we would deal with on your behalf.
If you are Non-UK resident and if you are letting UK property via a letting agent, then it is more beneficial to apply under the Non-UK Resident Landlord Scheme. The application can be made to H.M. Revenue and Customs on the following link Non-Resident Landlord Scheme. When the application has been approved, rents can normally be paid gross by the letting agent, with no tax deducted.
We would deal with the application on your behalf.
Property and Land Disposals
If you dispose of UK residential property or land, which results in a gain (normally excluding your main home), HMRC require you to notify them of the disposal within 60 days from the date of completion, which we would deal with on your behalf. Any capital gains tax arising is payable to HMRC, within the 60 day period.
In addition, if you are a Non-UK resident and you dispose of UK residential or non-residential property or land, this would also need to be reported to HMRC, within 60 days from the date of completion. This applies even if you have no capital gains tax to pay, or a loss has arisen on disposal.
We would deal with the required reporting on your behalf.
Our service also covers overseas property letting and property disposals.
We help with all aspects of property letting and property disposal taxation.
We provide a fully comprehensive Tax Return service and we act as your tax agent in the UK, in dealing with all of the above.
Tax advice is included for you with our
free tax support helpline.
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