It is advisable to consult an accountant who can offer professional advice on tax matters. Proper advice can help save you money and maximise the return on your investment.
UK landlords will need to inform HM Revenue & Customs (HMRC) of rental income received and then pay any tax due on it.
For more information visit https://www.gov.uk/income-tax or contact us on 01903 286990.
Even if you live outside of the UK during the tenancy, you remain subject to UK income tax on rents received.
If you live abroad for more than six months each year, your letting agent has to deduct basic-rate income tax from any rent collected on your behalf. You may apply to HMRC for approval to receive your rental income without tax deducted. We can supply the forms required.
If your application is successful, we will be able to pay your rent to you without deducting tax. Although the rent is paid without tax being deducted at source, it remains a taxable income which you must include on your annual tax return.
For more information visit https://www.gov.uk/tax-uk-income-live-abroad/rent or contact us on 01903 286990.