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. We strive to ensure that the landlords will be paying as a minimum of tax on rental income as possible.
We offer fixed-fee services for calculating the tax on rental income UK. Our experts will handle all your rental income tax affairs following 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 filing tax on rental income UK. We offer affordable rental income tax 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 and saving tax on rental income
◙ Outright your tax return using HMRC approved software
◙ Deal with all the compatibility and answer your rental income tax uncertainties
◙ Provide you with 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. After getting the approval, the non-UK resident landlord has to submit tax on rental income UK 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 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 any buy to let 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 with 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.
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. Additionally, the acceptance requirements of this scheme can affect landlords, tenants, and letting agents.
Tax returns apply to a non-resident landlord who has rental income but the ‘usual place of abode’ is outside the UK.
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 permit sporting rights
◙ Allowance of waste disposed of 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