LANDLORD TAX RETURNS

Personal Tax Return Services for Inhabitants and Non-Resident Landlords.

Our team of expert accountants based in the UK provides top-notch landlord tax return services, ensuring that the landlords will be paying as a minimum of tax liabilities as possible.

We offer a fixed fee property tax services to handle all your tax affairs in accordance with the regulations of HM Revenue and Customs (HMRC) and fulfilling all the constraints on time.

Whether you are running a property business, renting a room, or a flat/property for the long term, our highly qualified accountants will guide you throughout the process of tax returns. We offer cheap tax return services and make sure that our clients will get the tax exemptions- where possible.

 

We will help you with the following things:

◙ Reckon your taxable position
◙ Assemble your annual rental accounts for the residential let, FHLs or commercial properties
◙ Counsel on claiming all the legal expenses to increase tax savings
◙ Outright your tax return using HMRC approved software
◙ Deal with all the compatibility and answer your taxation uncertainties
◙ Provide you the proper direction on the tax liability to be payable to HMRC and when they are due.

We help you in obtaining approval from HM Revenue & Customs under the Non-Resident Landlords Scheme. Once approval has been acquired, the non-UK resident landlord has to submit an annual tax return form to HM Revenue & Customs made up to the 5th April of each year.

You are free to pay tax on your rental income through Self-Assessment. You just need to fill in form NRL1i and send it back to HMRC. If you get the approval, HMRC will inform your letting agent or tenant not to deduct tax from your rent. After that, you need to declare your income in your Self-Assessment tax return. If you fail to update your taxes, HMRC will not approve your application.

Your letting agent or tenant will deduct basic rate tax from your rent and provide you a certificate at the end of the tax year saying how much tax they’ve deducted.

If you don’t have a letting agent and your occupant pays you more than £100 a week in rent, they’ll deduct the tax from their rent payments to you.

Courtesy: HMRC

There is a common misconception that non-resident landlords letting property in the UK have no UK tax obligations. The rental income received by NRLs (both individuals and corporates) is subjected to tax obligations under HMRC’s special Non-Resident Landlords (NRL) scheme. The acceptance requirements of this scheme can affect landlords, tenants, and letting agents.

A non-resident landlord who has UK rental income but the ‘usual place of abode’ is outside the UK is subjected to tax returns.

Example: if a non-resident company or an individual live abroad for 6 months or more in a year, still have to submit tax returns in the UK.

 

Rental income includes money received from the following resources:

 

◙ Letting furnished, unfurnished, commercial and domestic premises

◙ Utilization of rented property furniture.

◙ Certain leases grant.

◙ Fishing and shooting permits sporting rights.

◙ Allowance of waste to be buried or stored on land

◙ Allowing others to use the property – for example, for a film crew

◙ Allowable expenses, such as repairs

◙ Business investment schemes

◙ Houseboats that are not moved around

◙ Non-payment of rent insurance policies

◙ Service charges

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