Whether you let a single residential property or have a portfolio of many properties, it is essential to understand how your UK rental income is taxed.
There are various business models like buy to let property business, furnished holiday let, granting of a lease or simply letting a room or garage in your house. Each of these models has its specific tax implications.
Deciding on what qualifies as an allowable expense or what relief can be claimed can be difficult. However, our team of qualified and experienced tax advisors can help you make the right decision. As a result, you can save tax where possible and be compliant with the UK tax laws.
We cover all the aspects of lettings as;
- Buy to Let Property Letting
- Renting your home
- Furnished Holiday Letting
- Rent a Room
- Commercial Letting
- Granting a short Lease
- Income from shooting range
- Income from rivers used for fishing
Non-UK Resident Landlords
If you are a non-UK resident for tax purposes and let a property in the UK, you will be liable to pay tax on the rental income profits in the UK. Your tenant or the letting agent is responsible for deducting the tax monthly and passing it to HMRC quarterly.
We can help you claim the gross status in which case you can receive the gross rent. You will still need to file your self assessment tax return.
Letting agents acting on behalf of the non-UK resident landlords must deduct tax from the rental income profits monthly and file the quarterly and yearly returns. The agent must also issue a yearly certificate to the landlord. We can help you with the quarterly and yearly filings and prepare the certificate for the landlord.
Get in touch to book a free discovery call to discuss your requirements.